U.S. oil slides 3 percent as Irma threatens demand
12 September, 2017, 13:56 | Author: Jeff Stephens
Oil markets were mixed on Friday, with Brent crude supported by expectations that Saudi Arabia could cut its October supplies, while USA crude was weighed down by refinery outages due to damage from Hurricane Harvey, which dented demand.
Investors and analysts were waiting to see Hurricane Irma's impact on (http://www.marketwatch.com/story/hurricane-irma-downgraded-to-category-4-but-remains-extremely-dangerous-on-its-path-to-florida-2017-09-08) oil demand and potential disruptions to energy transportation in the Gulf Coast in the coming days.
NEW YORK: Oil prices rose on Monday as key US refineries began restarts following Hurricane Harvey, which may help revive crude oil processing, while fuel prices fell as Hurricane Irma is likely to clip demand for gasoline and diesel.
In the case of Irma, analysts are more anxious that devastation wrought by the storm could sharply reduce demand for energy. United States crude oil prices are at a one-week low. Prices slid $1.61 to close at $47.48 on Friday, the most since July 5. About 6 percent of USA refining capacity remains shut after nearly a quarter of the nation's capacity was halted following Hurricane Harvey more than two weeks ago.
WTI crude (ERY)(ERX)(XLE) futures rose 0.4% last week, the first weekly gains in the last six weeks.
Irma downgraded but troubles remain
A 10- to 15-foot storm surge that was predicted did not materialize; Murphy said the storm surge was between 3 and 4 feet. So there's concern that structures there might not be as strongly built as some of - more down in South Florida .
"The market is looking for a significant build in oil inventories", said Ric Spooner, chief market analyst at CMC Markets in Sydney.
Southern Gulf Coast states, meanwhile, continue to pick up the pieces from Harvey, which struck a central part of the USA energy sector in late August.
The price for Brent crude oil is, at about $53.50 per barrel early Monday, about $6 per barrel higher than this time last year, but still about $40 less than it was three years ago. According to the latest estimate from commodity pricing group S&P Global Platts, production in August from both countries combined was about a half million barrels per day above the level from October, the month used by OPEC as a peg to gauge cuts and quotas.
The possibility of an extension to the 15-month production pact between members of the Organization of the Petroleum Exporting Countries and non-OPEC producers also helped to support prices, traders said.
That led to a windfall for some oil bears who had correctly read Hurricane Irma's impact on WTI.
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Robyn Horsager-Boehrer, professor and chief of obstetrics and gynecology at the University of Texas Southwestern's William P. But the evidence on how much, if any, is safe to drink, or at what stages of pregnancy, is notable by its absence.
Irma is the second Category 5 storm, though now downgraded to Category 4, in the USA region in a fortnight after Hurricane Harvey.
But as the refinery sector gradually recovers, so is its crude processing.
Saudi Arabian Energy Minister Khalid al-Falih earlier discussed with his Venezuelan and Kazakh counterparts the possible extension of the global oil supply cut agreement beyond March 2018.
"Imports (of oil) to the US Gulf Coast fell to levels not seen since the 1990s", ANZ bank said.
Power outages reported across South Florida as Irma approaches
Authorities are still surveying damage from the record-breaking storm, and this story will be updated as more details emerge. At the moment Irma is making its slow fateful right turn that will put it on a collision course with Florida's west coast.
South Carolina Governor Henry McMaster on Sunday night issued a mandatory evacuation for some barrier islands, CNN reported . The core of Hurricane Irma , potentially with winds gusting over 150 miles per hour or more , is going to come close.
News' best value among schools category, the top in the west were Whitworth University, Pacific Lutheran University and Gonzaga. For smaller regional institutions like Misericordia University, name recognition plays a negative factor in the rankings.
A boat rack storage facility lays destroyed after Hurricane Irma blew through Hollywood, Fla., on September 10, 2017 . The company has said it expects millions of people to lose power, with some areas experiences prolonged outages.
Series of performances would also be held along the route to showcase cultural diversity of the country for Japanese to see. The two leaders will also visit Dandi Kutir, the museum dedicated to Mahatma Gandhi, at the Mahatma Mandir.
But he confesses that dealing with the domestic and European demands in England is a completely different ball game. Deadline day signing Danny Drinkwater is ruled out with a calf injury picked up in training on Sunday.
While connected to a WiFi network, it will cache the videos on the smartphone and will make them available for viewing later. Capturing a global audience for its newfound video efforts will certainly be important for Facebook .
Irma remains off the west coast of Florida as it moves past Miami, but the city is being buffeted by high winds and heavy rain. With Irma, the forecast track along the Gulf coastline will expose more of Florida's cities to the stronger side of the storm.
Louisville, which was originally scheduled to play Clemson at 3:30 p.m., will now face the Tigers at 8 p.m. on ABC. The Cardinals quarterback accounted for 525 total yards and six touchdowns in a 47-35 win over North Carolina.
In October 2016, Dylan was awarded a Nobel Prize in Literature, but declined attendance to the ceremony . This news comes just before the New York City premiere of Dylan's documentary, Trouble No More .
Information is provided on the quality of air within the vehicle and on the system's current activity, says Volkswagen. It will also feature the CleanAir system that has been newly developed by Volkswagen .
Land Rover Discovery SVX debuts with supercharged V8
Another option is an air purification system to improve the outside air entering the cabin and passing through the air-con unit. If you're interested, you can register your interest with Land Rover, but prices won't be confirmed until next year.
Amazonian Tribe Members Reportedly Murdered by Gold Miners
Last year, it was said that the Yanomami people could face extinction if they are not protected, revealing the increase of danger. The victims reportedly belonged to a tribe labeled as "uncontacted" by the United Kingdom based organization Survival Unlimited .
Florida hit by power cuts as storm Irma weakens
The county administrator, Roman Gastesi, said crews would begin house-to-house searches this morning to check on survivors. Augustine Fire Chief Carlos Aviles. "Just left the island and said goodbye to everything I own", said Ball, 62.