• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Oil climbs on low U.S. output after Hurricane Ida

September 8, 2021 by David Barret Leave a Comment

September 8, 2021

By Laura Sanicola

NEW YORK (Reuters) – Oil rose more than 1% on Wednesday as U.S. Gulf of Mexico producers made slow progress in restoring output after Hurricane Ida.

Brent was up 89 cents, or 1.2%, at $72.58 a barrel at 2:02 p.m. EDT (1802 GMT), and U.S. West Texas Intermediate (WTI) crude rose 86 cents, or 1.3%, to $69.21 a barrel.

Producers in the Gulf are still struggling to restart operations nine days after Ida swept through the region with powerful winds and drenching rain.

About 80% of U.S. Gulf production remained offline on Tuesday, with 79 production platforms still unoccupied. About 17.5 million barrels of oil have been lost to the market so far.

The Gulf’s offshore wells make up about 17% of U.S. output.

“Refinery operations appear to be making a quicker recovery,” ING analysts said in a note.

Capacity of about 1 million barrels per day (bpd) was temporarily closed, down from a peak of more than 2 million bpd, ING said, citing the latest situation report from the Department of Energy.

Traders will be closely watching inventory data from the American Petroleum Institute industry group due later on Wednesday and the U.S. Energy Information Administration on Thursday for a clearer picture of the storm’s impact on crude production and refinery output. [API/S] [EIA/S]

Analysts polled by Reuters expect, on average, that crude stocks fell by 3.8 million barrels in the week to Sept. 3, and they anticipate gasoline stocks were down by 3.6 million barrels and distillates down by 3 million barrels.

“It’s possible the loss of refining demand and the amount of crude oil might somewhat cancel itself out,” said Bob Yawger, director of energy futures at Mizuho.

The EIA said on Wednesday it expected U.S. crude oil production to fall by 200,000 barrels bpd to 11.08 million bpd in 2021, a bigger decline than its previous forecast for a drop of 160,000 bpd.

Prices were also supported as protesters in Libya blocked oil exports at Es Sider and Ras Lanuf, an oil engineer at each of the ports said, although other engineers said production at fields that supply the terminals was unaffected.

Meanwhile, the U.N. atomic watchdog criticised Iran for stonewalling an investigation into past activities and jeopardizing important monitoring work, possibly complicating efforts to resume talks on reviving a nuclear deal.

The negotiations between world powers and Iran have been paused for almost three months since the election of a new radical president in Iran, reducing prospects of Tehran being able to resume oil exports.

(Additional reporting by Bozorgmehr Sharafedin in London, Sonali Paul in Melbourne and Florence Tan in Singapore; Editing by Jason Neely, Mark Potter and Paul Simao)

Source Link Oil climbs on low U.S. output after Hurricane Ida

David Barret
David Barret

Related posts:

  1. US Health Officials Favor Covid Booster Shots To All Americans As Delta Variant Cases Rise
  2. Russian editor decries ‘destruction of media’ before election
  3. Daimler expects Mercedes Q3 sales significantly below Q2 – report
  4. Motor racing-Bottas rules out imminent announcement on his F1 future

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Xerces Blue Butterfly: America’s First Human-Caused Insect Extinction
  • Comet 3I/ATLAS Is About To Pass Near Mars – Our Robotic Explorers Are Ready For Our Closest View Yet
  • World’s Only Population Of Black Tigers Lives In A Single Reserve In India
  • Should We Worry About The Latest COVID-19 Variants?
  • Record-Breaking Rogue Planet Seen Growing At A Rate Of 6 Billion Tonnes Per Second
  • The Universe May End With A Big Crunch – And There’s Just 20 Billion Years To Go
  • Interstellar Comet 3I/ATLAS Found To Have “Extreme Abundance Ratio” Of Iron And Nickel
  • The Fundamental Forces Of The Universe Are Getting Weaker, New Paper Suggests
  • At Least 541 Million Years Old, These Might Be The First Animals To Evolve On Planet Earth
  • We May Finally Know Why Women Live Longer Than Men
  • Jane Goodall, Pioneering Scientist Who First Discovered Tool-Use In Chimps, Dies At 91
  • Trump Orders Release Of Classified Files On The Mysterious Disappearance Of Amelia Earhart
  • Proof Of Complex Organic Molecules In Enceladus’s Ocean: “You Have Everything You Need To Form Life”
  • Long COVID Risk In Kids Found To Double After Their Second COVID-19 Infection
  • “One Of The Most Extreme Environmental Events On Earth” Unfolded 6.2 Million Years Ago
  • GW190521 May Be Evidence Of Another Universe “Connected To Our Universe Through A Throat”, Scientists Claim
  • Physicists Find A Way Around Heisenberg’s Uncertainty Principle, One Of The Most Frustrating Concepts In Physics
  • AI-Generated Genomes Used To Produce Functional, Bacteria-Killing Viruses In World First
  • Meet The Pocket Sharks: They’re Rare, They’re Tiny, And They’re Something Of A Mystery
  • The Great Comet Of 1997 Was Visible To The Naked Eye For A Record 569 Days
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version