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15 September 2017, 12:56 | Myrtle Vega
US Hurricanes Affecting Oil Prices, Saudi Could Cut Output
"Impact of the 2017 Atlantic Hurricane season continues to be seen in today's report with a build observed in the commercial crude stockpile and drawdowns in refined products", said Abhishek Kumar, Senior Energy Analyst at Interfax Energy's Global Gas Analytics in London. Total U.S. stocks stood at 468.2 million barrels.
Global oil supply fell for the first time in four months by 720,000 bpd in August due to unplanned outages and scheduled maintenance, mainly in countries not in the Organisation of the Petroleum Exporting Countries (Opec).
The International Energy Agency in its latest monthly market report said overall production levels from major producers was on the decline and the level of stocks for members of the Organization for Economic Cooperation and Development was only slightly above the five-year average. "The focus now shifts to the post-Harvey scenario", he said.
"Based on recent bets made by investors, expectations are that markets are tightening and that prices will rise, albeit very modestly".
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The Democrats on the panel should walk away now rather than continue to provide a bipartisan patina to this dishonest enterprise. We may never definitively know how Republican efforts to discourage Democratic votes affected the outcome of the 2016 election.
The price for Brent crude oil was up 0.68 percent at 9:10 a.m. EDT to $54.64 per barrel. United States benchmark West Texas Intermediate (WTI) traded 0.85 per cent up at $48.64 per barrel.
USA commercial crude storage levels skyrocketed by 5.9 million barrels last week in the aftermath of Hurricane Harvey as refinery shutdowns prevented much of the nation's new oil production from being processed.
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The average price of gasoline jumped in the past two weeks after Hurricane Harvey prompted the closure of refineries. Prices are up about 20% from the August average of $2.281 and 24% from the average a year ago of $2.199.
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The company did the same thing a year ago with a large silhouette of the Pixel device that was spotted in New York City. It is worth noting that Google a year ago also launched its Pixel 2 and the Pixel XL 2 smartphones on October 4.
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