Oil Up as U.S. Production “Struggles” to Recover From Hurricane Ida Impact By

© Reuters.

By Gina Lee – Oil was up Thursday morning in Asia, rising for a second session. The black liquid continued to claw back some earlier losses, boosted by the slow recovery in the Gulf of Mexico from the damage wrought by Hurricane Ida

was up 0.21% to $72.75 by 11:54 PM ET (3:54 AM GMT) and inched up 0.09% to $69.36.

“U.S. production is struggling to recover from Hurricane Ida. Extensive damage to infrastructure and power outages mean Ida has knocked off more supply after nine days than any other storm,” ANZ analysts said in a note.

Around 77%, or about 1.4 million barrels per day (bpd), of U.S. Gulf of Mexico production remained offline as of Tuesday.

Meanwhile, showed a draw of 2.882 million barrels for the week ending Sep. 3. Forecasts prepared by had predicted a 3.832-million-barrel draw while a 4.045-million-barrel draw was recorded during the previous week.

However, U.S. stocks fell by 6.4 million barrels for the week ended Sep. 3, while distillate stocks fell by 3.7 million barrels over the same week, according to API data.

Investors now await crude supply data from the U.S. Energy Information Administration, due later in the day.

A potential supply challenge in Libya also gave oil a boost. Oil engineers working at the Es Sider and Ras Lanuf ports said that protestors were blocking oil exports. However, other engineers said production at fields that supply the terminals was unaffected.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button