"Depending on the pace of recovery for the USA refining industry post-Harvey, very soon OECD product stocks could fall to, or even below, the five-year level", it said referring to Hurricane Harvey which hit the United States two weeks ago. United States production also saw a dip while oil rig count fell last week which supported prices at lower levels.
Harvey is still likely to be a bigger driver for the crude market, analysts at Goldman Sachs said.
Given the only modest impact Harvey had on oil production, the combined demand loss generated by these two hurricanes will be a bearish shock for global oil balances in September of c.600 kb/d.
Weekly U.S. inventories data will shed light on the impact of the hurricanes.
"The main message is that global oil demand is very strong in 2017", said Bjarne Schieldrop, an analyst at SEB AB in Oslo.
How to find out if you're affected by the Equifax hack In turn, there was some confusion over whether the site was legitimate and anger over the way it was rolled out. From there, you will be asked to enter your last name and the last six digits of your social security number.
The refinery shutdowns curtailed production of refined products, but it was not the only factor contributing to higher pump prices in that week.
The Kuwaiti bank said recovery may be limited by any increase in USA shale oil production, which could be likely if oil prices continue to rise. According to the EIA, the lower refinery demand for crude oil and limited ability to move crude oil resulted in crude oil inventory builds at Cushing, Oklahoma, and the Gulf Coast of 800,000 barrels and 1.7 million barrels respectively as of Friday, September 1. We also saw a reduction in number of oil rigs which will further be price supportive. But that isn't how the global crude market sees it. This is the second consecutive month in which the agency has lifted its demand growth forecast after it revised up the growth estimate to 1.5 million bpd in August.
This week, Saudi Arabia's discussions about lengthening the deal past March have supported oil prices. That's up from its August estimate of 1.5 mb/d and a forecast of 1.4 mb/d, in the July IEA report.
Saudi Arabia and Russian Federation are keen on the extension to demonstrate their commitment to market management and dampen fears that the producers will return to a market-share battle as soon as the deal expires. API also reported gasoline supplies fell by 7.9 million barrels and distillate inventories fell by 1.8 barrels. Still, that's about in line with the group's production last month, meaning OPEC won't be able to reverse its current output curbs if it wants to keep world markets balanced next year.
Paris will site events across iconic venues, and will build an Olympic Village along the Seine River at Saint-Denis. At the time, they committed to working out a deal that culminated with each city getting an Olympics on Wednesday.
The support for both HDR10 and Dolby Vision is a welcome addition - as this opens up the device to a wider array of movies. Apple executive Eddy Cue said on Tuesday that all major movie studios have signed up to deliver 4K movies through the box.
Bill Nelson called the six deaths in Hollywood "an inexcusable tragedy" and called on authorities to get to the bottom of it. The fuse needed to maintain the air-conditioning unit was broken as Hurricane Irma passed through the area.
He said it's not just a matter of what is being offered from manufacturers, but also the electric charging infrastructure. The automaker has promised however, that these engines will deliver great performance while meeting emissions standards.
Beyond her literary work, Hicks also posed for campaigns for Ralph Lauren and Naturalizer shoes, according to Vogue . The White House has struggled to fill the communications director position ever since Trump was elected in November.
Hurricane Irma and her remnants should be cleared out by Tuesday and we can expect mostly sunny skies with a high in the low 90s. By noon Monday more than 500,000 customers in Georgia were without power and there were widespread reports of downed trees.
ESPN's Chris Mortensen reported the MRI will determine whether Johnson will miss a few weeks or half the season or more. He finished with 23 rushing yards on 11 carries and six receptions for 68 yards, giving him 91 yards from scrimmage.
He will need to produce the performance of a lifetime to keep out the attacking threats from Qarabag's group opponents. That miss proved costly for Shakespeare's side as, less than two minutes later, Chelsea found the breakthrough.
Still, single-payer is gaining traction among Democrats . "I think health care should be a right to all ", said Booker. Sanders, who ran his own presidential primary campaign in 2016, also promised health care reform.
Best bets for GGG-Canelo fight
I was never with Golovkin. "I rate Canelo as pound for pound the best fighter in the world now that Mayweather has retired again". Golden Boy Promotions, which handles Alvarez, waited patiently for the fight to build up to where it is now.
NC attorney general demands answers on Equifax breach
Class action lawsuits are also a possible avenue for clients (former and active) to try to receive money from the company. Obviously, however, this is a situation in which there ought to be a law, if there isn't one already.
Narendra Modi to hold road show with Shinzo Abe in Ahmedabad
The most important ones are that yesterday ie PM Modi and Shinzo Abe are laying the foundation of the bullet train project. It was in 2006 that India and Japan agreed to hold annual summits between the prime ministers of the two countries.
Eric and Lara Trump Announce Birth of First Child
Donald Trump Jr issued congratulations on Twitter , and joked about "older brother revenge" for Eric buying his kids a drum set. Holidays are sure to be a loud affair in the White House, should they all choose to celebrate something there.
Mourinho plays down Champions League hopes
With all his first-team players fit and available, Wicky is expected to start with his first-choice starting eleven on Tuesday. You sense Romero only played in the Europa League last season because De Gea acquiesced to sitting out of the Europa League.
Stranded manatees rescued in Sarasota before Irma hits
They ended up at a bay on Whitfield Avenue and US 41 in Sarasota where the water had receded leading the local wildlife stranded. The animals were stuck in mud 100 yards away from deep water near Whitfield Avenue in Manatee County.