Connect with us


Oil rallies as tight US supplies offset plan to sell off Chinese reserves




A gas station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. REUTERS / Max Rossi

  • China plans to auction state oil reserves to help refiners
  • Shell cancels some U.S. crude exports after hurricane hits production
  • US approves second crude loan to SPR’s Exxon Mobil

SINGAPORE, Sept. 10 (Reuters) – Oil prices rose on Friday following increasing signs of strain in US markets after Hurricane Ida hit offshore production, although benchmarks were heading for weekly losses by nearly 1% after China announced plans to sell crude from its strategic reserves.

Brent crude futures for November rose 63 cents, or 0.9%, to $ 72.08 a barrel at 0624 GMT. US West Texas Intermediate (WTI) crude futures for October stood at $ 68.65 a barrel, up 51 cents, or 0.8%.

Brent is heading for a second straight weekly loss.

Both contracts fell more than 1% Thursday to their lowest level since August 26 after China said it would release crude oil reserves into the market via public auctions to ease the pressure high raw material costs on domestic refiners, in a move that has been described as a first. Read more

Some analysts said the announcement was likely made to confirm the sale of reserves in July and August.

“While this sale likely weighed on China’s crude imports this summer, alongside the exhaustion of teapot import quotas, we expect further limited reductions in China’s onshore crude stocks this year and a pick-up in higher imports late in the year as demand picks up seasonally and following the recent COVID-19 outbreak, “Goldman Sachs analysts said in a note.

Energy Aspects analyst Liu Yuntao said the release of the reserve came as the Chinese majors had to replace supplies they had purchased for September and October loadings from Shell in the Gulf of Mexico in the United States.

Royal Dutch Shell Plc (RDSa.L), the largest Gulf of Mexico oil producer in the United States, has canceled some export shipments due to Ida’s damage to offshore facilities.

Nearly 1.4 million barrels per day (bpd) of offshore oil production remains stranded in the Gulf of Mexico and 1 million bpd of refining capacity is also still offline. Read more

To cushion the impact, the US Department of Energy said Thursday it had approved a second loan of 1.5 million barrels of oil to Exxon Mobil Corp’s (XOM.N) Strategic Petroleum Reserve (SPR). Read more

On the demand side, some US airlines, key to a recovery in jet fuel markets, have warned of slowing ticket sales.

American Airlines (AAL.O), United Airlines Holdings Inc (UAL.O), Delta Air, Southwest Airlines Co (LUV.N) and JetBlue Airways (JBLU.O) said ticket sales slowed and lowered forecasts in revenue due to increase in COVID-19 cases threaten to block travel resumption. Read more

Reporting by Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar and Kim Coghill

Our standards: Thomson Reuters Trust Principles.




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]