![]() Soldiers in the African country said they were overturning the results of a presidential election.Īre among the western oil companies with operations in the country. In Gabon, there were no signs of disruption to oil production so far, analysts said. “While some oil operations in the Gulf of Mexico saw some action to evacuate some personnel out of an abundance of caution, the track of the storm suggests there may be no measurable impact on refineries or production,” Phil Flynn, senior market analyst at The Price Futures Group, said in a report Wednesday. Read: Why Hurricane Idalia hasn’t supported U.S. On Tuesday said it evacuated nonessential personnel from two Gulf of Mexico oil platforms and all personnel from a third as Idalia approached, according to news reports. Meanwhile, Hurricane Idalia moved across southeastern Georgia Wednesday afternoon after making landfall on Florida’s west coast as a Category 3 storm. “Refinery issues will work their way into next week’s numbers, while hurricane activity should have little influence, perhaps bolstering product demand” as consumers likely made efforts to front-run Hurricane Idalia in Florida and fill up gas tanks and emergency generators, said Smith.Ĭrude stocks at the Cushing, Okla., Nymex delivery hub fell by 1.5 million barrels for the week, the EIA said, while stocks in the Strategic Petroleum Reserve rose by 600,000 barrels. Analysts had forecast weekly inventory declines of 600,000 barrels for gasoline and 1.4 million barrels for distillates. The EIA report also revealed a supply decline of 200,000 barrels for gasoline, while distillate stockpiles edged up by 1.2 million barrels. “Ongoing strength in crude exports and refinery runs have yielded a very sturdy draw to crude inventories,” said said Matt Smith, lead oil analyst, Americas, at Kpler, in emailed commentary. crude inventories fell by 11.5 million barrels last week, according to market sources citing the data. ![]() The American Petroleum Institute said late Tuesday that U.S. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decrease of 5.2 million barrels. That was the third-straight weekly decline reported by the government agency and the largest since the week ended July 28. commercial crude inventories fell by 10.6 million barrels for the week ending Aug. The Energy Information Administration on Wednesday reported that U.S. ![]() Tacked on 5% to $2.80 per million British thermal units, prompting prices to turn higher month to date. The most actively traded contract, gained 33 cents, or 0.4%, to $85.24 a barrel.Īdded 0.7% to $2.81 a gallon, while September heating oil The front-month contracts for the global benchmark and WTI settled at their highest since Aug. Prices tallied a fifth straight session climb, the longest since March, according to Dow Jones Market Data.Īdded 37 cents, or 0.4%, at $85.86 a barrel on ICE Futures Europe. Rose 47 cents, or 0.6%, to settle at $81.63 a barrel on the New York Mercantile Exchange. West Texas Intermediate crude for October delivery
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