Sunday, 24 September, 2017

Nigeria's excess oil revenue rises to N610m per day

US Hurricanes Affecting Oil Prices, Saudi Could Cut Output Dollar gets back on feet as risk-off sentiment eases; oil jumps on potential extension of supply cut
Lillian Steele | 13 September, 2017, 00:40

After Hurricane Harvey halted nearly a quarter of the nation's refining capacity, crude prices in NY slumped as gasoline prices soared. But the oil cartel has struggled to raise oil prices amid an oil production boom in the U.S.

Over the next several months, we believe that the post-storm recovery will likely bring oil demand to a higher level, helping to gradually offset this negative initial impact. On Sunday, five refineries in the Gulf Coast region were still shut down, with a combined refining capacity of 1,069,300 bpd, equal to 11% of total Gulf Coast refining capacity and 5.8% of total USA refining capacity, according to the DOE.

"Over the next two to three weeks, the EIA inventory numbers will be rather sloppy because you have production disrupted, refineries going offline and online", he said.

Hurricane Irma, which has been moving inland over the southeastern parts of the U.S., has affected at least nine states so far, among them Florida, Georgia, Alabama and SC, causing storm surges and flooding and cutting off power supplies.

An estimated 2.6-2.7 million b/d (14-15% of total US) refining capacity remained shuttered in Texas as of Monday local time, according to our estimates based on reports from the companies, the Department of Energy, and the media.

USA crude futures rose 17 cents, or 0.35%, to $48.24 a barrel on the New York Mercantile Exchange.

As mixed market indicators kept oil prices in a range, RBC Capital Markets said in a note that it expected "WTI and Brent to average $49.30 and $52.50 per barrel this year before increasing to average $53 and $55.50 a barrel next year".

OPEC and Russian Federation have also said they would cut oil production by 1.8 million barrels per day, as a supply glut continues and Iran prepares to boost its output. The producers are seeking to strengthen compliance with the reduction accord they reached past year.

"The market is assessing what is happening after the two hurricanes and there is concern that demand is down in Florida", said Miswin Mahesh, an oil market analyst at Energy Aspects.

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