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Oil prices soften as market assesses hurricane damage
31 August 2017, 01:44 | Melanie Burgess
Shale oil boom softens the energy blow from Harvey
More than 18 percent of oil production in the Gulf of Mexico was shut down, the U.S. Department of the Interior's Bureau of Safety Environmental Enforcement said.
Although there have been weeks upon weeks of crude oil inventory draws as of late, oil prices have still failed to climb with any significant meaning-a fact which has not deterred oil production in the U.S., which stood at 9.528 million bpd for the week ending August 18, well on its way toward the most recent 2018 daily average proposed by the EIA's Short Term Energy Outlook of 9.91 million barrels.
Brent for October delivery is down 0.077% and WTI futures for the same month are down 0.151% at $46.50 a barrel.
The Energy Information Administration reported a bigger-than-expected weekly drop in US crude supplies, but gasoline stockpiles were flat and traders expect next week's government report to reveal the impact of Hurricane Harvey-related crude production and refinery shutdowns.
According to Goldman Sachs, refining production declined by 4.1 million barrels per day (bpd) in the USA as of 29 August, representing 23% of the total refining production.
USA gasoline futures jumped 4 percent to settle at 1.7833, the highest in more than two years. The contract's peak was $1.7888, the highest for NYMEX gasoline since July 2015.
Preparing for more rain and floods, Total cut production to 53% of capacity at its 225,500 bpd Port Arthur refinery, reported a leading research agency.
Refinery closures has shifted gasoline futures higher however, as it makes the product harder to come by and thus priced higher.
New Jersey Activates Task Force to Assist Harvey Victims
House Speaker Paul Ryan , R-Wis., promised through a spokeswoman that "we will help those affected by this bad disaster". Bush administration, politically scalded by criticism over its botched response, signed off on the aid.
This Week at NASA: The Epic Solar Eclipse and More
A video submitted to WHSV by Patrick Flanagan, showing a timelapse of the eclipse over Silver Lake, can also be watched above. On Aug. 12, 2045 , a total solar eclipse will traverse the country from coast to coast, much like this year's.
Trump to lift ban on sending some military equipment to police
An Obama administration task force argued at the time that the "militarization" of police forces could "undermine civilian trust". He prohibited transfers of weaponized vehicles, large caliber ammunition, explosives, battering rams, and riot gear.
Fitbit Launches An Apple Watch Competitor With Built-In GPS
The company claims that it's "extremely lightweight" with an ergonomic design "comfortable enough to wear all day and night". Fitbit Flyer is a headset that's meant to pair with the Ionic smart watch, but could be used with any Bluetooth device.
Houston flood: major dam begins overflowing
Brown Convention Center seeking refuge from Harvey's record-breaking flooding, Mayor Sylvester Turner said Tuesday. Engineers began releasing water from the Addicks and Barker reservoirs Monday to ease the strain on the dams.
India, China Agree to Disengage Troops Along Border
Experts have praised the pullback of troops, but warned the confrontation will have damaged relations between the two countries. China threatened India with the possibility of a war as the former reminded the latter's defeat in the 1962 Indo-Sino war.