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Tropical storms and Hurricane Hermine combined to slow the movement of oil tankers and shut in offshore drilling, forcing the U. In the past week, the industry used Analysts blamed wind and rough seas resulting from Gaston, Hermine and other storms that have impeded cruee with cargoes headed for U. As a result, there was also cruee sharp decline of 1.
Gasoline stocks also fell by 4. While the storms threatened the Gulf of Mexico, 12 percent of U. Oil prices jumped on the weekly Energy Information Administration reportadding to gains made late Wednesday on similar data from the American Petroleum Institute. There was also a barge that got sunk in the Houston Ship Channel. That also affected the ability of ships to move in and out of the channel.
A positive for prices was the fact that oil production declined last week, instead of rising as it has lately. Maarket McGillian, Tradition Energy manager market research, said prices also mraket crude oil market rate be rising, as traders with short positions are forced to buy. The draw in oil inventories last week amounted to 2.
Even with the storms, U. According to EIA data, oil inventories across the nation drew the most for this time of year since records were kept starting in There was one other larger draw in January of What we're seeing is the result of storm impacts on vessel shipping at the same time we still see members of OPEC to increase their oil production. Russian President Vladimir Putin and Saudi Deputy Crown Prince Mohammed bin Salman met on the sidelines of the G meeting, and the two countries issued a statement of cooperation which also cruse lift prices this week.
Natural gas futures also rose nearly 5 percent Thursday on the government report of a smaller-than-expected injection of gas into storage. Log In Register Log Out News. The Pulse 1 Market. EDITION Register Log In Profile Email Preferences PRO Sign Out. Markft prices surge as US burns through crude supply at record rate. Oil rises off supply data. Thursday, 8 Sep PM ET Kilduff said the runup in oil prices is overdone though there could be further impacts in next week's data from Hermine which swirled off the East Coast.
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Oil Prices forecast for the week of January 16 2017, Technical Analysis
Crude Oil Prices Charts. Latest News on Oil, Energy and Petroleum Prices. Articles, Analysis and Market Intelligence on the Oil, Gas, Petroleum and Energy Industry. Get updated data about energy and oil prices. Find natural gas, emissions, and crude oil price changes. Get the latest price Crude Oil WTI (NYMEX) as well as the lastest prices for other major commodities at comffort.ru.