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




Subscribe to our free daily newsletters



OIL AND GAS
Oil prices down as US reels from Harvey
by Staff Writers
Singapore (AFP) Aug 30, 2017


Crude prices slipped back in Asian trade Wednesday as a key US oil-producing region reeled from the devastation caused by monster storm Harvey.

Harvey rolled into Texas on Friday as a Category Four hurricane, tearing down homes and businesses on the Gulf Coast, and triggering massive floods.

The storm caused the closure of many oil refineries, which analysts said would lead to bigger crude stockpiles and push down prices.

In early afternoon Asian trade, US benchmark West Texas Intermediate was down 14 cents at $46.30 while Brent crude for October eased 21 cents to $51.79.

"The effect of Hurricane Harvey has been devastating on the US," said Sukrit Vijayakar, an analyst with energy consultancy Trifecta.

"In terms of the energy market, what needs to be seen is how soon the shut in capacity comes back on stream."

Energy information provider S&P Global Platts said in a report Wednesday that roughly 2.33 million barrels per day of Texas's refining capacity was still shut down.

The Gulf of Mexico alone accounts for 20 percent of US oil production, and many rigs were also knocked out by the storm.

Rain continued to pummel the area Wednesday, as emergency services battled to reach hundreds of people stranded by flooding in a massive round-the-clock rescue operation.

Oil prices pulled by Harvey, North Korea
Washington (UPI) Aug 29, 2017 - Crude oil prices continued to lose ground because of the fallout from Tropical Storm Harvey, though prices may be supported by tensions over North Korea.

U.S. offshore regulators estimated that, as of Monday, about 19 percent of the total daily production from the Gulf of Mexico was idled by the storm, which remains parked over parts of south Texas. Onshore, many of the nation's refineries remain offline because of heavy flooding in and around the Houston area.

Vandana Hari, an industry analyst and founder of Vanda Insights, said Monday that production would come back sooner than the refineries and put supply-side pressures on the markets short-term, which helps explain yesterday's steep drop in crude oil prices.

In a filing with the Texas Commission on Environmental Quality, regional refiner Flint Hills Resources said it was in the process of restarting its West Refinery already. Patrick DeHaan, a petroleum analyst who monitors the upstream sector for GasBuddy, told UPI the restart process may be gradual, however.

Outside of the immediate impact from Harvey, last week saw another decline in U.S. exploration and production activity. Oil prices need a so-called Goldilocks number -- one that's not so high that it stimulates robust production and not so low that it stymies the industry -- and U.S. operators are reacting as the market remains stuck near the $50 per barrel level.

West Texas Intermediate, the U.S. benchmark for the price of oil, has pulled far away from the global benchmark Brent, but an emailed report from London oil broker PVM said it's "only a question of time for WTI-priced U.S. crude oil to start strengthening against other benchmarks."

A snapshot of the retail gasoline sector from AAA this week said the market is still "jittery" because of Harvey. The price for Brent crude oil was down 0.1 percent at 9:18 a.m. EDT to $51.84 per barrel. WTI was down 0.26 percent to $46.45 per barrel.

At the geopolitical level, markets could be showing a fear-factor in Tuesday trading as tensions continue to escalate over North Korea. The White House reacted sternly after Pyongyang fired a missile over Japan.

"Threatening and destabilizing actions only increase the North Korean regime's isolation in the region and among all nations of the world," a statement from U.S. President Donald Trump read. "All options are on the table."

The price for crude oil will move after the U.S. markets close when the American Petroleum Institute releases data on crude oil and gasoline inventories. Traders look to those figures for an indication of the trend for the five-year average of storage levels, which remain in surplus.

OIL AND GAS
Profits up 40 percent for Chinese oil and gas company Sinopec
Washington (UPI) Aug 28, 2017
Chinese oil and gas company Sinopec said net profit for the first half of the year was up 40 percent in response to domestic demand and higher crude oil prices. The company, known formally as China Petroleum & Chemical, reported a net profit for the first six months of the year at $4.2 billion, up 40 percent from the same period last year. Net cash flow was down about three quarters of ... 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
How a bacterium can live on methanol

Cyborg bacteria outperform plants when turning sunlight into useful compounds

Stretchable biofuel cells extract energy from sweat to power wearable devices

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

Audi Cooperates with Alta Devices on Automobiles with Solar Roofs

Renewables could bring balance to India's economic growthw.

More solar power thanks to titanium

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
Uber to resume Philippine service 'soon' after fine

Japan's 'highway doctor' does checkup on ageing roads

Former VW engineer gets 40 months in 'dieselgate' scandal

addressing battery glitch in small number of Chevy Bolts

OIL AND GAS
Iraqi forces hope for quick victory over IS in Tal Afar

Iraqi forces advance towards heart of IS-held bastion

Iraqi forces close in on IS-held Tal Afar

Mattis in Baghdad as Iraq presses assault on IS bastion

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