• Home
  • About Team
  • Advertise with us
  • Privacy Policy

  • Markets
  • Culture&Arts
  • Sci-tech
  • Sport
  • People
  • Medicine
  • U.S.

Hurricane affects Gulf of Mexico oil and gas production

  • by Claude Bryan
  • in Markets
  • — Oct 15, 2018
Share:

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, reported Reuters, as buyers sought alternatives ahead of USA sanctions on Iran that take effect on November 4.

Brent crude settled up 17 cents a barrel at $80.43, after dropping 3.4 percent on Thursday. The Shanghai Composite dropped 5.2 percent and the U.K.'s FTSE 100 slipped as much as 1.9 percent.

Oil fell to two-week lows on Thursday as it extended losses from the previous session amid a rout in global stock markets, with prices also hit by an industry report showing US crude inventories rose more than expected. As the U.S. -China trade tensions escalate, investors are shunning risk assets from equities to oil on fears over slowing growth.

Japan's Nikkei.225 was down 0.5 percent on Friday.

Speaking to Bloomberg on the sidelines of the London conference, Vitol's Taylor said that "Physically, we don't have a supply squeeze".

"So there is real commitment in the selling ... adding to the idea that we are seeing a turn in the market", he said. According to meteorologists, the hurricane is being fed by warmer sea surface temperatures, which could lead to waves of between 15 and 20 feet-enough to disrupt oil and gas production in the Gulf.

US crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, the American Petroleum Institute said on Wednesday.

Red Sox strike first in ALDS Game 4, take 3-0 lead
The Red Sox are back in the ALCS for the first time since 2013, when they won the World Series in six games over the Cardinals. A night after three of his calls at first base were reversed on video reviews, Angel Hernandez called balls and strikes.

That comes as Hurricane Michael became the strongest storm to hit the US mainland since 1992, threatening to slash fuel demand in the southeast, while country-wide crude stockpiles are expected to have increased a third week.

Hurricane Michael on Wednesday cut 42 percent of U.S. Gulf of Mexico daily crude oil production and almost a third of natural gas output, the largest reductions in a year, after companies evacuated staff and shut-in platforms as a precaution.

OPEC in its monthly report, said world oil demand would increase by 1.36 million barrels per day (bpd) next year, marking a decline of 50,000 bpd from its previous estimate.

The facility is the only United States port able to fully load and unload tankers with a capacity of 2-million barrels of oil.

According to Reuters, on 10 October, Hurricane Michael cut almost one-third of natural gas production and 42% of crude oil production in the US Gulf of Mexico.

The American Petroleum Institute (API), an industry group, will release its data at 4:30 p.m. (2030 GMT), followed by the EIA's report on Thursday at 11 a.m. - both reports delayed a day by Monday's federal holiday.

Share:

IN CASE YOU MISSED IT

  • IEA sees world oil market 'adequately supplied'
  • Ariana Grande, Pete Davidson reportedly call it quits
  • Winds, rain intensify as Hurricane Florence pummels North Carolina
  • YOU MAY ALSO LIKE...

    • US strikes Iranian-backed militia targets in Syria: Pentagon 2/26/2021
    • 3 dead in shooting at gun store in New Orleans 2/21/2021
    • Why Facebook Blocked Australian News Sites 2/20/2021
    • Trump breaks post-impeachment trial silence to lash out at Mitch McConnell 2/19/2021
    • China in Focus (Feb. 18): Trump Dismayed by Biden's China Policy 2/19/2021
    • COVID-19: What you need to know for February 16 2/18/2021
    • US Life Expectancy Drops By One Year 2/18/2021
    • Facebook Pages Of Splendour, Falls & More Festivals Have Now Been Wiped 2/18/2021
    • Conservative radio host Rush Limbaugh dies after battle with lung cancer 2/18/2021
    • Winter Storm Watch Issued for Schuylkill County 2/18/2021

RELATED NEWS

Patriots score wild 43-40 win over Chiefs
But he turned the ball over twice in the first half and the high-scoring Chiefs were held to three field goals. That's a pretty good way to close it out against one of the last remaining undefeated teams in the NFL .
10/15/2018

Xbox's October update sees the return of Avatars
The Avatar Store is also where users can find licensed designs from various games and new content is expected monthly. That means that you'll be able to talk to Alexa-enabled devices, such as an Echo, and control your Xbox One with it.
10/15/2018

International Monetary Fund warns trade friction, market turmoil to hurt Asian growth
However, the International Monetary Fund cautions that it has a "poor track record of predicting recessions". While the damage from an all-out trade war wouldn't be catastrophic, slow growth can also pose problems.
10/13/2018

EPL 2018/19-Fulham v Arsenal: 4 Things we observed from the game
Indeed, key to much of the Gunners' good work over the past few months has been summer signing Lucas Torreira, who is swiftly becoming a fan favourite in north London .
10/13/2018

Thousands without power as Storm Callum batters Ireland, UK
Rainfall totals could reach as high as 150mm over the Brecon Beacons, almost as high as the monthly average of 170mm for Wales. An amber warning for rain remains in place for parts of south Wales until 6pm with further flooding and power cuts expected.
10/13/2018

Usain Bolt scores first goals for Central Coast Mariners
BBC reports that the Mariners topped Macarthur South West United 4-0 in a preseason match. Usain Bolt's soccer career just might be off and, um, running.
10/13/2018

Virgin Galactic to be in space 'in weeks,' owner Branson says
Talking to the BBC at that time , Branson said: "I think we're both neck and neck as to who will put people into space first". Branson hopes to have a space craft that can carry six passengers and two pilots above Earth.
10/13/2018

Samsung Galaxy A9 is the world's first quad-cam smartphone
Retail prices begin at £549, in a range of colours from Caviar Black to Bubblegum Pink to Lemonade Blue, whatever that might mean. It's somewhat odd for Samsung to launch a phone with world-first features that's not a flagship, but the A9 is plenty powerful.
10/13/2018

Learn More about Indigenous Peoples Day
Banks: Most banks , including Federal Reserve Banks , Bank of America and Wells Fargo , will be closed . Columbus Day has been officially recognized nationwide since 1937 when President Franklin D.
10/13/2018

Entire F-35 fleet grounded and checked for fault after crash
Of the 280 operational F-35s purchased to date by US and global partners, only 51 percent are now available for flight, Vice Adm. The US government's accountability office estimates all costs associated with the project will amount to one trillion dollars.
10/13/2018

Secretary Mnuchin says China trade talks must include currency issues
That would approach the $1.2 trillion U.S. -Canada-Mexico trade under the North American Free Trade Agreement. The central bank has tightened controls on currency trading to head off further declines.
10/13/2018

Threatening Hurricane Michael may make landfall in Florida today
The storm was located 255 miles south of Panama City and was moving north at 12 mph, according to the National Hurricane Center . Following Hurricane Irma previous year , 14 people died when a South Florida nursing home lost power and air conditioning.
10/11/2018

Prince George and Princess Charlotte to star in Royal Wedding
The Earl and Countess of Wessex's children, Lady Louise Windsor and Viscount Severn will be special attendants on the day. It's the same venue where Prince Harry and Meghan Markle - now The Duke and Duchess of Sussex - tied the knot in May.
10/11/2018

Skripal attack: Bellingcat names second Salisbury suspect
Alexander Mishkin was born on July 13, 1979, in the village of Loyga, in the Archangelsk District in Northern European Russia . He graduated from one of Russia's elite military medical academies and was recruited into the GRU during his studies.
10/11/2018

300 miles of Florida coastline on hurricane alert
ET Monday , Tropical Storm Michael was centered about 90 miles east of Cozumel, Mexico, the National Hurricane Center said . The rainfall could lead to "life-threatening" flash floods and mudslides in mountainous regions, the hurricane center said.
10/11/2018

    • Top picks

      • Novavax vaccine has reduced efficacy against virus variant2/01/2021
      • Remember the Tesla Roadster? Well, production just got pushed to 20222/01/2021
      • GM to aim for zero tailpipe emissions by 20351/30/2021
      • China's economy set to grow 8.1% in 20211/29/2021
    • Weekly News

      • Petrol, diesel prices touch all-time highs1/26/2021
      • Australia Greenlights Pfizer's COVID-19 Vaccine - Medical Regulator1/25/2021
      • USA to renew travel restrictions on EU, Britain, Brazil1/25/2021
      • Mega Millions numbers: Single ticket in MI wins huge $1 billon jackpot1/24/2021
    • Latest News

      • Dubai princess says fears for life as held 'hostage'2/17/2021
      • Trump impeachment trial: Biden warns democracy is fragile2/16/2021
      • UK records another 10,972 coronavirus cases as 15 million vaccinated2/16/2021
      • " "Exxon will create a " low carbon " business unit2/04/2021
    • Home
    • About Team
    • Advertise with us
    • Privacy Policy

    Saturday 27 February 2021

    © 2021 . ALL RIGHTS RESERVED.