Oil prices accelerated growth due to hurricane threat in the USA

Oil prices accelerated growth due to hurricane threat in the USA

Oil prices accelerated growth due to hurricane threat in the USA

The rise in oil prices accelerated on the news that Hurricane Delta is approaching the United States. Hurricane Delta reached Category II on Tuesday and could hit the US Gulf Coast on Thursday night or Friday, according to the National Hurricane Watch Center.

Earlier, S&P Global Platts reported that oil companies began to evacuate personnel from platforms in the Gulf of Mexico.

The US oil production capacity in the Gulf of Mexico is approximately 1.9 million b / d, according to the country's Energy Ministry. Louisiana has refineries with a total capacity of 3.37 million b / d.

Investors also continue to follow the process of discussing new measures to support the US economy. House Speaker Nancy Pelosi and US Treasury Secretary Steven Mnuchin on Monday held another round of talks on a new stimulus package, but there are no signals that the parties are close to an agreement, despite calls from US President Donald Trump to resolve the issue. Pelosi and Mnuchin plan to continue discussions on Tuesday.

Trump, meanwhile, was discharged from the Walter Reed Military Hospital, where he received treatment for COVID-19, and will continue to recover from his illness in the White House.

Norway's Equinor has suspended operations at the Gudrun, Gina Krog, Kvitebjorn and Valemon fields in the North Sea due to a strike by 54 workers. Norwegian Oil & Gas said last week that the union's actions, which failed to reach an agreement on wages, could affect six fields in the North Sea operated by Equinor. The total production from these fields is 330 thousand barrels of oil equivalent per day. However, according to Karsten Fritsch, analyst at Commerzbank (DE: CBKG), a strike in Norway alone will not be enough for sustained price increases.

“During the previous strike in June 2019, oil production in Norway fell by an average of 200 thousand b / d per month, but then recovered quickly,” the analyst of MarketWatch quoted as saying. only temporarily. “

The cost of December futures for Brent oil on the London ICE Futures stock exchange by 17:11 Moscow time is $ 42.64 per barrel, which is $ 1.35 (3.27%) higher than the price at the close of the previous session.

The price of futures for WTI crude oil for November in electronic trading on the New York Mercantile Exchange (NYMEX) by this time increased by $ 1.45 (3.70%) – to $ 40.67 per barrel.

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