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U.S. crude oil last week settled at $47.48/Bbl

13 September, 2017, 02:59 | Author: Jeff Stephens
  • Brent daily chart

The storm hit just over two weeks after Hurricane Harvey hobbled the U.S. Gulf Coast refining sector, knocking almost a quarter of its capacity offline.

U.S. West Texas Intermediate (WTI) was flat from the previous close at $48.07 a barrel.

Brent ended the week up 1.9 percent while USA crude was up 0.4 percent, paring most of its earlier weekly gains on worries on the continued impact of hurricanes on demand and supply.

The deal to curb output brought crude prices above $58 a barrel in January but they have since slipped back as the effort to drain global inventories and stabilize the oil market has taken longer than expected. Global benchmark November Brent crude inched up by 6 cents, or 0.1%, to finish at $53.84 a barrel on the ICE Futures Europe exchange.

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Oil prices rose on Friday as USA crude production was hit harder by Hurricane Harvey than expected, with the even bigger storm Irma heading for Florida and threatening to cause more disruption to the petroleum industry.

USA oil futures remained higher on Monday, while Brent futures lost some ground as concerns over the impact of Hurricane Irma on the oil industry eased and amid talk of a possible extension of OPEC's supply cuts.

However, he concluded the storm is too far east to have any effect on recovering operations in Texas; plus, the chaos in the gulf coast "is good for refiners worldwide". American crude stockpiles rose by 4.58 million barrels last week, the first gain since June. This is because most of the news continues to center on USA production in the wake of the impact of Hurricane Harvey on US refinery output the week before. Analysts at consultancy JBC Energy said those talks should prove supportive for crude prices.

This was the largest single day loss since July 5. The goal of the deal, which was extended in May, was to drain a global oversupply that has kept prices depressed amid a resurgence in US shale production.

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Harvey's impact was also felt in oil production.

HURRICANES The market is also awaiting USA inventories data in the wake of the storms.

"We believe that Irma will have a negative impact on oil demand but not on oil production or processing", Goldman Sachs analysts said in a note.

Elsewhere, lost 1.94% to $1.616 a gallon, while rallied 1.11% to $2.922 per million British thermal units.

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