Oil Prices Down on Irma's Wrath

Oil Prices up - 13-09-17

OPEC expects world oil demand to grow ~1.4 million barrels per day in 2017, which is 50,000 barrels per day higher than its previous estimate.

The US Energy Information Administration's (EIA) data showed a build of 5.9 million barrels of crude last week, exceeding expectations for a 3.2 million-barrel hike. USA refiners closed by Hurricane Harvey more than two weeks ago continue to restart, including the nation's largest, operated by Motiva Enterprises.

Oil prices are expected to hold between $50 and $60 a barrel as bloated global stocks fall after a deal between OPEC and other producers to trim output, BP Chief Executive Bob Dudley said on Thursday.

Oil prices rose after the report was published, with Brent crude adding 10 cents to $54.37 per barrel around 0820 GMT. The global benchmark for the famous Brent crude LC0c1 was dwindling down by a good 35 cents down and settling to $53.49 per barrel on earlier market trading as opposed to its previous close price.

In the wake of another Hurricane, the USA oil prices continue to sink deeper as refineries continue to close down on the threat of Irma.

Strong demand from the United States and Europe in the second quarter and robust consumption from elsewhere will outweigh an expected slowdown from Hurricanes Harvey and Irma in the third quarter.

Economists at the Organization of Petroleum Exporting Countries said in their monthly market report for September that total commercial oil stocks for members of the Organization for Economic Cooperation and Development was 195 million barrels above the five-year average and 123 million barrels above the seasonal norm.

Data from the Energy Information Administration shows a build in USA crude inventories last week of 5.9 million barrels, exceeding expectations.

Oil prices rose on Tuesday after OPEC forecast higher demand in 2018 and Russian Federation and Venezuela confirmed their commitment to a production - cutting deal to reduce the global crude glut.

The IEA said OPEC crude production fell in August for the first time in five months, thanks to both cuts in production as well as a flare-up in turmoil in Libya disrupting output.

Oil prices continue to dwindle down as Hurricane Irma continues to push oil refineries down.

Oil prices were subjected to choppy trading following the latest EIA inventories release with the larger than expected increase in oil inventories offset by a record decline in gasoline stocks.

Gold is 0.1 per cent lower at 1,320.40/troy ounce.

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