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tinyfav.com November 21, 2017


Big oil inventories build and gasoline draw after Harvey

15 September 2017, 12:56 | Myrtle Vega

US Hurricanes Affecting Oil Prices, Saudi Could Cut Output

Marathon Petroleum Corp. oil storage tanks sit at a terminal in the Ybor Channel ahead of Hurricane Irma in Tampa Florida U.S. Sept. 9 2017

"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 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.

The U.S. Energy Information Administration (EIA) revised its 2017 and 2018 U.S. oil output forecasts lower to reflect, in part, the effects of Hurricane Harvey.

The EIA also said refinery crude runs fell by 394,000 barrels per day.



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