Opec sees oil consumption growing in '17

US Hurricanes Affecting Oil Prices, Saudi Could Cut Output

Refinery utilization slumped to a nine-year low and crude imports fell to the lowest on record after Hurricane Harvey disrupted Gulf Coast refineries, oil production operations and ports. In August, Opec crude oil production decreased by 79 tbpd to average 32.76 mpbd, " the report stated.

Markets were upended in late August when Hurricane Harvey struck the southern coast of Texas, sidelined a good portion of total US refining capacity and threatened production centers in the Gulf of Mexico and inland shale basins. "The focus now shifts to the post-Harvey scenario", he said.

World oil demand growth in 2017 is expected to rise by 1.42 million barrels per day (mbpd) after an upward revision of around 50,000 barrels per day (tbpd), according to Opec Monthly Oil Market Report (MOMR).




On the New York Mercantile Exchange crude futures for October delivery rose 1.2% to settle at $48.07 a barrel, while on London's Intercontinental Exchange, Brent lost 0.04% to trade at $53.76 a barrel. But the EIA also reported that total domestic crude output rose by 572,000 barrels a day to 9.35 million barrels.

The U.S. Energy Information Administration (EIA) revised its 2017 and 2018 U.S. oil output forecasts lower to reflect, in part, the effects of Hurricane Harvey.

In contrast, gasoline inventories fell by 8.4m barrels last week, which was far more than the -2.0m barrel decline projected by analysts, although they remained in the upper limit of their average range for that time of year, according to the DoE. Gasoline stockpiles were down 8.4 million barrels for the week, while distillate stockpiles fell 3.2 million barrels, according to the EIA.

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