OIL PRICE: NOT ABOVE $51
OGJ , BLOOMBERG , OILPRICE - The light, sweet crude oil price for October delivery fell while gasoline futures jumped for a second consecutive day Aug. 29 as Tropical Storm Harvey's flooding kept Texas refineries closed, raising fears of fuel shortages.
The New York Mercantile Exchange reformulated gasoline blendstock settled Aug. 29 at $1.78/gal, nearly a 2-year high. But light, sweet crude oil for October settled under $46.50/bbl.
S&P Global Platts on Aug. 29 noted that in addition to refineries shutting in due to flooding, some facilities took capacity offline due to issues sourcing adequate crude oil supply or placing product.
The amount of capacity currently offline in Texas was likely 2.33-3.36 million b/d, Platts said.
"However, some refineries in Corpus Christi are already initiating restart or assessing their ability to do so," said Jenna Delaney, senior oil analyst with PIRA Energy, an analytics unit of S&P Global Platts.
"Overall, the net outage of refining capacity has increased and prices have responded with gasoline moving sharply to the upside while WTI has eased off as crude is effectively being bottled up into Cushing," she said of West Texas Intermediate crude.
The ports in Corpus Christi and Houston both remain closed with additional ports being closed along the Texas coast through Lake Charles, La., as Harvey moved east.
"Until the ports reopen, refineries along the Texas coast will struggle to source adequate supply, which will perpetuate refinery run curtailment," Delaney said.
Energy prices
The October light, sweet crude contract on NYMEX fell 13¢ on Aug. 29 to settle at $46.44/bbl while the November contract was up 4¢ to settle at $47/bbl.
The NYMEX natural gas price for September gained 3.6¢ to a rounded $2.96/MMbtu. The Henry Hub cash gas price was $2.88/MMbtu, down 4¢.
Heating oil for September rose 3¢ to a rounded $1.67/gal. Reformulated gasoline stock for oxygenate blending for September rose 7¢ to a rounded $1.78/gal.
The Brent crude contract for October on London's ICE was up 11¢ to $52/bbl. The November contract gained 24¢ to $51.66/bbl. The September gas oil contract was $484.50/tonne on Aug. 29, up 25¢.
The Organization of Petroleum Exporting Countries' basket of crudes on Aug. 29 was $49.51/bbl, down 35¢.
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Earlier:
August, 28, 20:00:00
OIL PRICE: NOT ABOVE $53 AGAINU.S. West Texas Intermediate (WTI) crude futures CLc1 were down 52 cents at $47.35 a barrel. Brent crude LCOc1 was down 12 cents at $52.29 per barrel. |
August, 24, 14:30:00
OIL PRICE: NOT ABOVE $53Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.92 per barrel at 0652 GMT, down 18 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.70 a barrel, down 12 cents, or 0.3 percent. |
August, 24, 14:20:00
OIL MARKET IS RIGHTAs of July 2017, the OPEC and participating non-OPEC producing countries achieved an impressive conformity level of 94 per cent. This is a demonstration of the commitment of participating producing countries to continue their cooperation towards the rebalancing of the market. The JMMC expressed great satisfaction with the results and steady progress made towards full conformity of the production adjustments, and encouraged all participating countries to achieve full conformity, for the benefit of producers and consumers alike. The JMMC also welcomed the participation of the UAE at the recent JTC meeting, where the UAE reiterated its commitment to adhere to its production adjustments for the remaining period of the Declaration of Cooperation. |
August, 17, 15:25:00
OIL PRICE: NOT ABOVE $51Brent crude LCOc1 was unchanged at $50.27 a barrel by 0845 GMT. U.S. light crude CLc1 was 5 cents lower at $46.73. |
August, 17, 15:20:00
U.S. OIL INVENTORIES DOWN 9MBUS commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 8.9 million bbl for the week ended Aug. 11 compared with the previous week, the Energy Information Administration said in its weekly oil and products inventory report. |
August, 14, 14:35:00
OIL PRICES: $51 - $52North Sea Brent crude oil spot prices averaged $48 per barrel (b) in July, $2/b higher than the June average and almost $4/b higher than in July 2016. EIA forecasts Brent spot prices to average $51/b in 2017 and $52/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018. |
August, 14, 14:30:00
OIL STOCKS DOWN BY 500 TBDGlobal oil stocks fell by 500,000 b/d and preliminary data for July, particularly in the US where stocks fell by 790,000 b/d, is supportive of rebalancing supplies with demand, according to the most recent Oil Market Report from the International Energy Agency. |