LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » World News

Oil markets dip storm Harvey fallout; Hurricane Irma heads into Caribbean

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Updated: Wed, Sep 06, 2017
11:08 am
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Oil prices slipped on Wednesday as crude demand remained subdued due to the refinery closures that followed after Hurricane Harvey hit the U.S. Gulf coast 10 days ago.

Although many refineries, pipelines and ports that were knocked out by Harvey are now restarting, analysts said it will take weeks before the U.S. petroleum industry is back to capacity.

As of Tuesday, about 3.8 million barrels of daily refining capacity, or about 20 percent, was shut, though a number of the refineries were in the process of restarting. Several others were running at reduced rates, according to company reports and Reuters estimates.

Focus was also being drawn to massive Category 5 storm Hurricane Irma, which is barrelling towards the Caribbean and Florida and could knock out other refineries.

U.S. West Texas Intermediate (WTI) crude futures were at $48.58 barrel at 0528 GMT, 8 cents, or 0.2 percent, below their last settlement.

Fuel storage data due for release later on Wednesday by the American Petroleum Institute (API) and on Thursday by the Energy Information Administration (EIA) is expected to give a better view of how big Harvey`s impact was on U.S. fuel inventories, although analysts said it will take a few weeks longer to get a complete picture.

In international oil markets, Brent crude futures dipped 19 cents, or 0.4 percent, to $53.19 a barrel.

Meanwhile, Hurricane Irma churns towards Caribbean islands and the United States.

"With another hurricane threatening to hit the U.S. coast, traders still remain cautious," ANZ bank said on Wednesday.

Around 250,000 barrels of daily refining capacity in the Dominican Republic and Cuba lies in the immediate path of Irma, Thomson Reuters Eikon data showed, with several tankers seen on satellite images changing their routes to avoid the storm.

"Maximum sustained winds are near 185 mph (295 km/h) with higher gusts. Irma is an extremely dangerous Category 5 hurricane ... Irma is forecast to remain a powerful Category 4 or 5 hurricane during the next couple of days," the U.S. National Hurricane Center (NHC) said.

There is also another tropical storm on Irma`s heels in the Atlantic, and another one active in the Gulf of Mexico.

Longer-term, the oil industry outlook is for ample supplies and low prices as crude output remains high among the three biggest producing regions: Russia, the Middle East, and North America.

Russian Energy Minister Alexander Novak said on Wednesday he expected the 2018 price of Brent crude to be in the range of $45 to $55 per barrel.

Analysts said oil companies had adjusted to lower prices by cutting costs and thanks to improved refinery margins.

"The oil majors are looking more comfortable at lower oil prices, posting strong quarterly results in Q2 despite weaker upstream revenue," BMI Research said in a note.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

New coronavirus shocker from China! Now, virus found in ice cream - Check eye opening details here

Looking for mid-range budget-friendly laptops? VAIO with Nexstgo launches new series - Prices, specs, features and all you need to know

EPF vs PPF vs VPF vs NPS: Money making strategy! Top personal finance experts say do this to earn big gains

Here is why some Twitter employees locked their accounts; got even personal security from company

How to save income tax: Want to save up to Rs 46,800? Here is a method and step by step guide for tax-saving

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty crucial support range for next week

Mutual Fund SIP Calculator 2021: Top money making trick! Check how just Rs 5 lakh can be turned into over Rs 1 cr through small investments

Here is why ONGC's plan to merge MRPL with HPCL may have to wait till FY24

Loan moratorium case! Petitions in SC seeking direction for contempt of court proceedings against RBI Governor, others

Samsung Galaxy M62: Massive 7,000mAh battery - Check specs, features of the smartphone

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved