Oil prices slip on demand concerns following USA hurricanes
Oil prices slip on demand concerns following USA hurricanes
Daily October West Texas Intermediate Crude Oil
13 September, 2017, 02:56
Finally, energy services firm Baker Hughes reported that US energy firms cut oil rigs for a third time in the past four weeks as the 14-month drilling recovery stalled with energy firms reducing spending plans in response to recent crude price declines.
The group raise its combined futures and options position in NY and London by 20,525 contracts to 186,421 during the period.
According to Reuters, as of yesterday, about 3.8 million bpd in refining capacity remained shut down, representing a fifth of the U.S. total.
Brent had risen to a five-month high last week before giving up some of those gains by the end of the day Friday. Earlier, Hurricane Harvey put pressure on US oil sector.
Given that some analysts, including Goldman Sachs' Damien Courvalin, believe that the effects of Harvey on demand and supply will linger for a few weeks, chances are that prices will stay where they are until the dust settles.
October WTI (West Texas Intermediate) crude oil (USO)(UCO)(UWT) futures contracts fell 3.3% to $47.48 per barrel on September 8. Total volume traded was about 13% below the 100-day average.
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If last Friday's sell-off is any indication, crude oil prices are likely to be under pressure this week as investors react to the impact of Hurricane Irma on near-term demand for gasoline and crude oil.
Elsewhere, for November delivery on the ICE Futures Exchange in London dropped 30 cents or 0.56% to $53.48 a barrel. Prices gained 29 cents, or 0.5%, to US$54.49 on Thursday and are 3.8% higher this week.
The Energy Information Administration (EIA) reported a build of 4.6 million barrels in the week to September 1st which was slightly larger than the analyst consensus for a build of 4 million barrels and followed a draw of 5.4 million barrels in the prior week. Nationwide crude output slid by 749,000 barrels a day to 8.78 million a day.
Another factor influencing the oil market is the Hurricane Irma which has already caused electricity disruption in Florida.
OPEC and its partners made a decision to extend its production cuts till March 2018 in Vienna on May 25, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.
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Among the dead were 10 killed in Cuba - the island's worst hurricane death toll since 2005, when 16 died in Hurricane Dennis. British and French governments have sent rescue and relief efforts to the islands devastated by Hurricane Irma .
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