Oil Producers Begin Evacuation From Gulf Of Mexico Platforms Ahead Of Storm

Daniel Fowler
July 10, 2019

Anadarko Petroleum Corp (APC.N) has joined major U.S. oil producers shutting production and withdrawing staff from offshore platforms in the U.S. Gulf of Mexico ahead of a storm threatening oil-producing areas.

An oil pump is seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018.

The West Texas Intermediate for August delivery climbed 15 USA cents to settle at 57.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery fell 12 cents to close at 64.11 dollars a barrel on the London ICE Futures Exchange.

Brent crude futures have been down 14 cents, or 0.2%, at $63.97 a barrel by 0524 GMT.

The API report showed a decrease of 8.129 million barrels in the USA crude oil inventories for the week ending July 5, compared to analyst expectations of a smaller 3.081-million barrel draw.

Oil also gained support from reports expected to show a drop in US crude inventories.

"Prices are finely balanced right now as investors await fresh stimulus", said Fawad Razaqzada, technical analyst at FOREX.com.

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Andarko's total Gulf output averaged 166,000 barrels of oil equivalent per day in the first quarter.

Oil costs are being pressured by ongoing worries about demand because the U.S.

"Assuming that it [the storm] will cause some evacuations, then you would expect it to have a limited short-term impact but perhaps it's a bit too early to say" said Paul Horsnell, head of commodities research at Standard Chartered. -China trade war. In its June Short-Term Energy Outlook (STEO), the EIA cuts its oil demand growth forecast by 200,000 bpd to 1.2 million bpd for 2019.

The alliance, known as OPEC+, agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019, supported by the pact and tensions in the Middle East, especially the row over Iran's nuclear program.

Iran's President Hassan Rouhani said on Wednesday Britain would face "consequences" over the seizure of an Iranian oil tanker near the coast of Gibraltar last week.

In the meantime, Goldman Sachs stated progress in USA shale manufacturing was prone to outpace that of worldwide demand a minimum of by 2020, limiting good points in oil costs regardless of output curbs led by the Group of the Petroleum Exporting International locations.

(MENAFN - Baystreet.ca) OPEC and allies had little choice but to roll over their production cuts into the first quarter of 2020 amid higher-than-average global inventories, continued uncertainties over the global economy and oil demand growth, and rising rival oil supply, mostly from US shale.

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