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Oil stable as storm-hit US supply slowly returns

A TORC Oil & Gas pump cylinder is seen near Granum, Alberta, Canada, May 6, 2020. REUTERS / Todd Korol / File Photo

MELBOURNE, Sept. 17 (Reuters) – Oil prices barely budged on Friday even as supply came back online in the Gulf of Mexico in the United States after two hurricanes, with benchmark contracts on track to display weekly gains of around 4% as production picks up. late request.

US West Texas Intermediate (WTI) crude futures slipped 2 cents to $ 72.59 a barrel at 0147 GMT, after leveling off on Thursday.

Brent crude futures rose 4 cents to $ 75.71 a barrel, adding to a gain of 21 cents on Thursday.

Both contracts were set to climb about 4% for the week, with Brent near a seven-week high and WTI near a six-week high as production in the Gulf of Mexico in the United States recovered more slowly than expected after Hurricane Ida damaged facilities. in August and Tropical Storm Nicholas hit this week.

As of Thursday, about 28% of U.S. crude production in the Gulf of Mexico remained offline, two and a half weeks after Hurricane Ida hit. Read more

“It is taking even longer than people thought in terms of return. It has been a supporting factor in the market,” said Vivek Dhar, commodities analyst at Commonwealth Bank.

“We’re going to get into more deficit (supply) conditions – that certainly seems to be the point of view.”

Preliminary data from the US Energy Information Administration showed that US crude exports in September fell to between 2.34 million bpd and 2.62 million bpd, from 3 million bpd at the end of August.

Dhar also pointed to data from the International Energy Agency this week showing that OECD oil stocks fell to a low in November as the recovery in fuel demand is expected to outstrip supply.

The risk of weakening demand in Southeast Asia has eased as COVID-19 cases appear to have peaked in countries like Indonesia, Malaysia and Thailand, he said. .

Reporting by Sonali Paul; Editing by Himani Sarkar

Our standards: Thomson Reuters Trust Principles.

Sources

1/ https://Google.com/

2/ https://www.reuters.com/business/energy/oil-steady-us-storm-hit-supply-returns-slowly-2021-09-17/

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