Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Harvey pushing market prices for oil higher
by Daniel J. Graeber
Washington (UPI) Aug 25, 2017


Crude oil prices moved higher Friday as Hurricane Harvey moved closer to the southern Texas coast and threatened production and refinery operations.

Harvey was moving close to the southern coast of Texas as a Category 2 storm, and could strengthen ahead of its expected landfall by late Friday or early Saturday. As much as 20 percent of total U.S. crude oil production is in the Gulf of Mexico and the southern coastal region is concentrated with refineries. At least five inland refineries and four production platforms offshore have been closed because of the storm.

"Hurricane Harvey has the potential to be the biggest hurricane to hit the mainland United States in 12 years, forcing several operators in the Eagle Ford [shale basin] to idle rigs and shut in some production as officials warn of floods, with a number of companies evacuating rig personnel and suspending all non-essential operations," a report emailed from RBC Capital Markets read.

Crude oil prices erased some of the gains from last week that followed a report from Baker Hughes showing a decline in U.S. exploration and production activity, but moved higher as Harvey approached the Texas coast.

The price for Brent crude oil was up 0.86 percent at 9:15 a.m. to $52.46 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was up 0.38 percent to $47.60 per barrel.

Analysis from S&P Global Platts, emailed to UPI, found about 9.5 percent, or around 167,000 barrels per day, of production in the Gulf of Mexico was sidelined by Harvey as of late Thursday morning. A morning emailed report from London oil broker PVM said Friday trading was "all about Harvey."

Elsewhere, a report emailed from JBC Energy Market found July oil demand in South Korea increased 10 percent from 2016, while Chinese imports grew about 12 percent from last year. Asian economies are expanding faster than many of their Western counterparts and supply and demand figures can have a pronounced impact on energy markets.

Markets may be impacted later in the day when Baker Hughes releases its weekly report on exploration and production trends. Reported as rig counts, a loss from the United States would indicate companies are under market pressure and push oil prices higher because it could indicate lower future production. A gain, meanwhile, would indicate confidence and possibly lead to later supply-side strains, pushing oil prices lower.

Barring any major developments, most market factors outside of Harvey will likely be muted.

OIL AND GAS
Venezuela's Maduro calls for military loyalty after US threat
Caracas (AFP) Aug 25, 2017
Venezuelan President Nicolas Maduro on Thursday warned the armed forces in his crisis-hit country against "fissures" in their ranks, ahead of war games seen as a show of strength after US President Donald Trump's threat of military action. Maduro launched the warning in a speech to his top military leadership, including General Vladimir Padrino, his defense minister, and General Remigio Ceba ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Cyborg bacteria outperform plants when turning sunlight into useful compounds

Stretchable biofuel cells extract energy from sweat to power wearable devices

How a bacterium can live on methanol

Potato waste processing may be the road to enhanced food waste conversion

OIL AND GAS
By 2050, 139 countries could be powered by wind, solar, water

Deep-UV probing method detects electron transfer in photovoltaic devices

Audi Cooperates with Alta Devices on Automobiles with Solar Roofs

Renewables could bring balance to India's economic growthw.

OIL AND GAS
First foundations set for Baltic Sea wind farm

Wind energy blows up storm of controversy in Mexico

U.S. extends wind energy taproots into Zambia

Night vision for bird- and bat-friendly offshore wind power

OIL AND GAS
Fukushima operator faces $5 bn US suit over 2011 disaster

UAE nuclear programme edges toward 2018 launch

129I waste used to track ocean currents for 15,000 km after discharge from nuclear plants

Analysis highlights failings in US's advanced nuclear program

OIL AND GAS
Study gives first proof that the Earth has a natural thermostat

Incomplete drought recovery may be the new normal

Asian Development Bank finds new climate finance stream

Heat map showcases extreme temperatures in Southern Europe

OIL AND GAS
Merkel wants to 'restore trust' in diesel after scandal

Great Wall shares slide as Fiat Chrysler hopes dampened

China's Great Wall Motor plans Fiat Chrysler purchase

Uber's ousted CEO calls investor lawsuit unfounded

OIL AND GAS
Iraqi forces close in on IS-held Tal Afar

Mattis in Baghdad as Iraq presses assault on IS bastion

Iraqi forces retake two districts of IS bastion

Iraq begins battle to retake Tal Afar, IS bastion near Mosul: PM

OIL AND GAS
Trump keeps Iran deal, but threatens more sanctions

S. Korea seeks rare talks with North to ease military tensions

US sending mixed messages on Iran nuclear deal: Zarif

US-China citizen gets 10 years for spying in Iran; 2 Iranians charged in US over hacking




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement