Oil prices rise on expectations of market balance

15 September, 2017, 00:52 | Author: Dustin Murphy
  • US Hurricanes Affecting Oil Prices, Saudi Could Cut Output

"OECD [Organisation for Economic Co-operation and Development] demand growth continues to be stronger than expected, particularly in Europe and the U.S.", the IEA said, adding that hurricanes Harvey and Irma are projected to slow USA oil demand growth in the third quarter.

That was largely tied to solid gains in crude oil, sparked by signs of reduced global production.

Adding to the buying pressure in oil futures, earlier on Wednesday the International Energy Agency reported that OPEC's output shrank in August, leading to a decline in global supplies.

Nevertheless, the IEA said it was cautious about the extent of any post-recovery rally, saying that "expectations are that markets are tightening and that prices will rise, albeit very modestly".


Brent crude was up 32 cents, or 0.6%, at $54.59 U.S. a barrel by mid-morning Wednesday, while U.S. West Texas Intermediate was up 54 cents, or 1.1% at $48.77 U.S. a barrel.

US commercial crude storage levels skyrocketed by 5.9 million barrels last week in the aftermath of Hurricane Harvey as refinery shutdowns prevented much of the nation's new oil production from being processed.

Crude oil imports meanwhile averaged 6.5m barrels per day last week, down by 603,000 barrels per day from the previous week. Gasoline stockpiles were down 8.4 million barrels for the week, while distillate stockpiles fell 3.2 million barrels, according to the EIA. As of 2:00 p.m. EDT Tuesday, the U.S. Energy Department said four refineries in the Gulf Coast were still closed because of issues associated with Harvey, representing about 4 percent of the total U.S. refining capacity.

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