Oil negatively affects inflation data, improves vision

On June 9, 2016, the Department of Energy will display a fuel storage tank and crude oil pipeline equipment at the Freport, Texas, USA Strategic Petroleum Reserve. REUTERS / Richard Carson

  • CPI increased by 0.5% from last year and 0.3% from July
  • More than 40% of U.S. Gulf oil and gas production is still closed
  • IEA sees oil demand return by 1.6 million bpd in October
  • China to auction 7.38 million BbW raw material from strategic stock

September 14 (Reuters) – Oil prices soared on Tuesday after inflation eased and the tropics began to improve in the energy sector, according to new information from the US Department of Labor.

Brent Raw hit a high of $ 74.28, hitting 38 cents or 0.5% at $ 73.13 at 1:10 pm EDT (1719 GMT). West Texas Intermediate (WTI) fell 41 cents or 0.6% to $ 70.04 after hitting a record high of $ 71.22.

The US Consumer Price Index rose 0.5% from last year and 0.3% in July, slightly lower than in previous months. Read more

“Commodities are an important part of the history of inflation, and we see a lot of commodities falling on this data,” said John Kilduff of Capital LLC in New York.

Although Nicholas has threatened the US Gulf region in recent weeks, with heavy rains sweeping south and causing power outages, most Texas refineries are operating normally and the number of electricians in Texas is declining. Read more

The country’s largest oil pipeline, the Colonial Pipeline, resumed operations last Tuesday due to a power outage.

RDSa.L closed its production overseas on Tuesday due to strong winds from Nicholas. Traffic was halted at some power stations due to inclement weather.

“Houston is in a semi-flood zone, so there will be export issues,” said Bob Yawger, future director of energy in Mizuho.

The International Energy Agency (IAA) said on Tuesday that after three months of global oil demand, the release of CVD-19 vaccines should revitalize food demand, especially in the wake of the Asian pandemic.

The IEA restored demand of 1.6 million barrels (bpd) per day in October and continued to grow until the end of the year.

Overall, the agency downgraded global oil demand growth by 105,000 bpd to 5.2 million bpd, but increased the number to 2022 by 85,000 bpd to 3.2 million bpd.

Demand is expected to fall to 5.96 million BPD this year and 4.15 million BPD next year. Read more

Reuters Graphics

The National Petroleum Corporation (NOC) media office and an engineer at the port said on Tuesday that protesters had blocked the installation of an oil tanker at the Libyan terminal SSSder terminal.

Inflation has weakened as China plans to sell raw materials from its strategic stockpile. The State Sales Administration said it will sell 7.4 million barrels of crude oil on September 24.

Additional information by Ahmed Gadar in London, Yuka Obayashi by Tokyo Edited by Paul Simao and Mark Potter

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