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lakeelmoleader.com September 20, 2017


Oil Jumps To Monthly High As Gas Inventories Plummet

15 September 2017, 12:51 | Kara Nash

International Energy Agency has increased its growth estimate for the year to 1.6 million barrels per day

International Energy Agency has increased its growth estimate for the year to 1.6 million barrels per day

That was largely tied to solid gains in crude oil, sparked by signs of reduced global production.

USA crude traded up 70 cents a barrel or 1.47 percent, by 11:13 a.m. EDT (1514 GMT).

From around $48.75 p/b ahead of the data, prices edged higher although the overall reaction was limited given a very mixed report and there was no net change in prices. More than half of the retail service stations in some parts of Florida are without gasoline and the energy sector is scrambling to make adjustments.

Global output was down by 720,000 barrels a day last month from July, to 97.7 million barrels a day, the International Energy Agency said Wednesday.

Brent crude, the global benchmark futures traded 0.7 per cent higher at $54.65 per barrel at the time of writing.

Weakened Hurricane Jose could become tropical storm today
Hurricane Jose now sits on the northern side of the Caribbean Islands and it might just be heading towards the Canadian coasts. However, Irma is expected to fizzle out over land while Hurricane Jose will make a loop before moving west again.

By 1201 GMT, worldwide benchmark Brent crude was up 47 cents, or 0.8 percent, at $54.74 a barrel. As of 2:00 p.m. EDT Tuesday, the U.S. Energy Department said four refineries in the Gulf Coast were still closed because of issues associated with Harvey, representing about 4 percent of the total U.S. refining capacity. So far, the new president has yet to score any major legislative victories.

Oil prices hung onto earlier gains as government data showed USA crude stocks rose sharply last week.

The American Petroleum Institute, an industry group, reported on Tuesday that US crude inventories rose by 6.2 million barrels in the week to September 8 to 468.8 million, almost double analysts' expectations.

Distillate stockpiles, which include diesel and heating oil, fell by 3.2 million barrels, versus expectations for a 1.5 million-barrel drop, the EIA data showed.



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