Oil Prices Rise As Crude Demand Surges (USO)

How Hurricane Irma Could Impact Crude Oil Prices and Production

"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.

Related:

  • Paris for 2024, Los Angeles for 2028

    Paris for 2024, Los Angeles for 2028

    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.
    Apple unveils new Apple TV with HDR and 4K support

    Apple unveils new Apple TV with HDR and 4K support

    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.
    Google appeals against 2.4-billion euro fine in European Union  court

    Google appeals against 2.4-billion euro fine in European Union court

    A court spokeswoman said Google has not asked for an interim order to suspend the decision to levy an fine. The regulator ordered the company to stop the practice by September. 28.
  • 5 dead at nursing home after Irma cuts power

    5 dead at nursing home after Irma cuts power

    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.
    Volkswagen Group brands to launch 80 electrified models by 2025

    Volkswagen Group brands to launch 80 electrified models by 2025

    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.
    India calls on Myanmar to act with restraint in Rakhine

    India calls on Myanmar to act with restraint in Rakhine

    Biren said: "The worldwide border with Myanmar is porous and all steps have been taken to check any attempt to sneak into Manipur".
  • Hope Hicks to Serve as Trump's Communications Director on Permanent Basis

    Hope Hicks to Serve as Trump's Communications Director on Permanent Basis

    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.
    Irma sputters into a tropical storm; Hurricane Jose no threat yet

    Irma sputters into a tropical storm; Hurricane Jose no threat yet

    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.
    David Johnson (wrist) expected to miss significant time, report says

    David Johnson (wrist) expected to miss significant time, report says

    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.
  • Eden Hazard: Chelsea have squad to win Champions League

    Eden Hazard: Chelsea have squad to win Champions League

    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.
    Cory Booker Co-Sponsoring Bernie Sanders' 'Medicare-for-All' Healthcare Bill

    Cory Booker Co-Sponsoring Bernie Sanders' 'Medicare-for-All' Healthcare Bill

    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.
    Construction cranes collapse in downtown Miami

    Construction cranes collapse in downtown Miami

    A second crane collapse was later reported at a building under construction on Northeast 30th Terrace. Many are questioning why the cranes can't be moved, Miami officials said Tuesday in a tweet .

Comments

Latest news

Red-hot form, batting depth make India favourites against Australia
Indian batting great VVS Laxman , who was also present at the event, said he did not foresee any controversy in the ODI series. The tide has turned now with the all-rounder all set to make a comeback in the limited-overs series starting here on Sunday.

One dead, several wounded in northwest United States school shooting
The Spokane Sheriff's Office is expected to provide more information at a news conference sometime on Wednesday afternoon. Sacred Heart has confirmed the three victims, we're told are children, in their hospital are in satisfactory condition.

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.

Patty Jenkins Officially on Board to Direct 'Wonder Woman' Sequel
The total domestic collection went up to $402 million while the global collection of the film went past $ 800 million . Just as Wonder Woman broke barriers for superhero movies, Jenkins' deal breaks a glass ceiling for women directors.

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.

DHS says government agencies need to delete Russian company's software
The federal ban could lead to pressure on state and local governments to ditch Kaspersky products as well. The directive gives agencies 30 days to determine whether they are using any Kaspersky products.

Apple Unveils Apple Watch Series 3 With Built-In Cellular Support
The display of the Watch will serve as the antenna for data communication, you'll still need a smaller electronic SIM though. There is also a W2 chip for Bluetooth and Wifi Connectivity which allows for 85% faster WiFi while being 50% more efficient.

Juventus star Paulo Dybala discusses difficulties of playing alongside Lionel Messi
This is hardly a surprise, there is hardly anything new about Messi playing the match victor role for Barca . When asked if he can be as good as Messi, the 23-year-old said: "The truth is for me, it's a big pleasure".

Are You Ready for Some Football? NFL Offers Monday Football Doubleheader
Philip Rivers tossed three touchdowns to help keep Los Angeles in the game, finishing the night 22-for-33 through the air. The Broncos have won eight of their last ten against the Chargers , but have only covered in half of those games.

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.

Miss America Contestants Slam Donald Trump on Climate, Charlottesville Response
As if being a future lawyer isn't enough, Mund is socially aware and conscious of the many problems facing the U.S. The third and fourth positions were taken by Miss District of Colombia Briana Kinsey and Miss Texas Margana Wood .

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.

Lady Gaga taking a 'rest' from music after finishing tour
She also just wrapped on a remake of " A Star is Born " with Bradley Cooper . Later on, after their July 2016 split, she breaks down in tears.

Other news