Oil rises to five-week high as outlook for demand brightens

Friday, 15 Sep, 2017

Electricity demand in the Texas grid, which is overseen mostly by the Electric Reliability Council of Texas (ERCOT), was lower than usual for the time of year "mainly because of the customer outages in storm-affected areas in South Texas and along the Gulf Coast and cooler temperatures across much of the state", EIA said.

OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. Crude inventories rose by 6.2 million barrels in the week to September 8 to 468.8 million, compared with analysts' expectations for an increase of 3.2 million barrels.

In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per day (bpd) of OPEC crude next year, up 410,000 bpd from its previous forecast.

At the Multi Commodity Exchange, crude palm oil for delivery in September month traded higher by Rs 2.90, or 0.53 per cent to Rs 550 per 10 kg in business turnover of 232 lots. This is especially true as OPEC oil output declined in August for the first time since March.

West Texas Intermediate, the US benchmark for the price of oil, took an erratic turn in early trading to lose 0.12 percent from the previous close to $48.01 per barrel.

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U.S. crude production rebounded to an average of 9.4 million barrels per day last week from 8.8 million bpd a week earlier, entirely the result of increases in the lower 48 states.

Irma's hit in demand will partly offset the Gulf Coast's interrupted refinery runs, which are taking longer than expected to recover, according to the bank. Tehran told OPEC it reduced crude oil production by 55,000 bpd to 3.84 million barrels in August.

Elsewhere, gasoline futures fell 0.59% to $1.6347 a gallon and natural gas futures added 0.23%, to $3.064 per million British thermal units. The latest report took a special look at United States gulf coast infrastructure after the recent hurricanes that have caused flooding and disrupted facilities such as refineries in the important world energy hub.

Strong demand from the USA and Europe in the second quarter and robust consumption from elsewhere will outweigh an expected slowdown from Hurricanes Harvey and Irma in the third quarter.

It recommended that the U.S. strengthens its energy security to address events, such as hurricanes, by potentially adding products to government-held inventories.