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Market News International oil prices have fallen, the destructive power of hurricanes may be exaggerated, and US oil companies have responded restrained
International oil prices have fallen, the destructive power of hurricanes may be exaggerated, and US oil companies have responded restrained
During the European session on August 30, international oil prices fell from their highs reached in more than three weeks at the beginning of the trading day, as analysts expected that oil production in the U.S. Gulf of Mexico might recover quickly. The Gulf of Mexico is the center of the nation’s offshore energy industry. Prior to this, US energy companies increased their production facilities for the 13th consecutive month.
2021-08-30
10614
During the European session on Monday (August 30), international oil prices fell from their highs reached in more than three weeks at the beginning of the trading day, as analysts expected that oil production in the U.S. Gulf of Mexico might resume quickly. The Gulf of Mexico is the center of the nation’s offshore energy industry.
At 15:30 GMT+8, NYMEX crude oil futures fell 0.99% to US$68.06/barrel; ICE Brent crude oil futures fell 0.39% to US$71.43/barrel.
Earlier in the day, NYMEX crude oil futures and ICE Brent crude oil futures reached their highs since early August to 69.64 US dollars and 72.60 US dollars, which once continued the surge of last week. The two markets closed up no less than 11% last week.
Although "Ada" is approaching, U.S. drilling companies increased the number of oil and gas rigs last week, achieving the 13th consecutive month of adding production facilities. Therefore, it is too early to determine the full impact of Hurricane Ida on oil production.
Jeffrey Halley, senior market analyst at OANDA, said: "Hurricane Ida will determine the near-term trend of oil prices. If Ida weakens and its path of destruction is lower than expected, the rise in oil prices here will temporarily lose momentum."
Prior to this, a powerful hurricane violently hit the U.S. Gulf Coast, forcing hundreds of offshore oil platforms to close and evacuate. The market expects Hurricane Ada to cause disruption to oil production. Gulf of Mexico oil accounts for about 17% of the nation's supply.
According to the National Hurricane Center (NHC), Hurricane Ida reached the center of offshore energy industry in the Gulf of Mexico at 11:55 a.m. Central Time (GMT+8 Monday, 0:55)-Port Fort Fjord, Louisiana (Port Fourchon) landed near.
According to the official website of Port Fortune, the Louisiana Offshore Oil Port (LOOP) stopped deliveries before the hurricane. LOOP is the largest private crude oil terminal in the United States and the only US terminal capable of unloading supertankers, handling approximately 10% to 15% of domestic oil and 10% to 15% of imported oil, and is associated with approximately half of the US oil refineries.
Sources said that PBF Energy Inc's (PBF.N) refinery in Chalmette, Louisiana, was shut down due to a power outage caused by Hurricane Ida. The refinery processes 190,000 barrels of crude oil per day. As the storm approached, Marathon Petroleum Company (MPC.N) also closed its refinery in Garyville, Louisiana, which processes 578,000 barrels of crude oil per day.
The Colony Pipeline Company (COLPI.UL), the largest operator of petroleum products pipelines in the United States, said on Sunday that it will temporarily suspend fuel transportation from Houston to Greensboro, North Carolina due to the impact of Hurricane Ida.
At 15:30 GMT+8, NYMEX crude oil futures fell 0.99% to US$68.06/barrel; ICE Brent crude oil futures fell 0.39% to US$71.43/barrel.
Earlier in the day, NYMEX crude oil futures and ICE Brent crude oil futures reached their highs since early August to 69.64 US dollars and 72.60 US dollars, which once continued the surge of last week. The two markets closed up no less than 11% last week.
Although "Ada" is approaching, U.S. drilling companies increased the number of oil and gas rigs last week, achieving the 13th consecutive month of adding production facilities. Therefore, it is too early to determine the full impact of Hurricane Ida on oil production.
Jeffrey Halley, senior market analyst at OANDA, said: "Hurricane Ida will determine the near-term trend of oil prices. If Ida weakens and its path of destruction is lower than expected, the rise in oil prices here will temporarily lose momentum."
Prior to this, a powerful hurricane violently hit the U.S. Gulf Coast, forcing hundreds of offshore oil platforms to close and evacuate. The market expects Hurricane Ada to cause disruption to oil production. Gulf of Mexico oil accounts for about 17% of the nation's supply.
According to the National Hurricane Center (NHC), Hurricane Ida reached the center of offshore energy industry in the Gulf of Mexico at 11:55 a.m. Central Time (GMT+8 Monday, 0:55)-Port Fort Fjord, Louisiana (Port Fourchon) landed near.
According to the official website of Port Fortune, the Louisiana Offshore Oil Port (LOOP) stopped deliveries before the hurricane. LOOP is the largest private crude oil terminal in the United States and the only US terminal capable of unloading supertankers, handling approximately 10% to 15% of domestic oil and 10% to 15% of imported oil, and is associated with approximately half of the US oil refineries.
Sources said that PBF Energy Inc's (PBF.N) refinery in Chalmette, Louisiana, was shut down due to a power outage caused by Hurricane Ida. The refinery processes 190,000 barrels of crude oil per day. As the storm approached, Marathon Petroleum Company (MPC.N) also closed its refinery in Garyville, Louisiana, which processes 578,000 barrels of crude oil per day.
The Colony Pipeline Company (COLPI.UL), the largest operator of petroleum products pipelines in the United States, said on Sunday that it will temporarily suspend fuel transportation from Houston to Greensboro, North Carolina due to the impact of Hurricane Ida.
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