Offshore Oil Wells, Ports Shut as Hurricane Sally Advances on U.S. Gulf
Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger while lumbering toward the central U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity over the last month.The hurricane is disrupting oil imports and exports as the nation's sole offshore terminal, the Louisiana Offshore Oil Port (LOOP), stopped loading tanker ships on Sunday, while the port of New Orleans closed on Monday.The U.S. government said 21%…
Oil rises 5% in second weekly gain on output cuts, demand hopes
Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data going back 80 years - as the energy industry slashes output and spending to deal with the coronavirus…
The Tipping Point: U.S. Exports more Oil than it Imports
The United States last week exported more crude oil and fuel than it imported for the first time on record, underscoring the nation's growing influence as a supplier of oil to the world.Exports of crude surged in the week to Nov. 30 to more than 3.2 million barrels per day, the U.S. Energy Information Administration said on Thursday.When adding in all imports and exports of crude and refined products, for the week the U.S. exported a net 211,000 bpd – the first time that has happened, according to U.S.
Crude Oil Markets Roiled by Sell Off
A sell-off that began last week continued to roil crude markets, which have been weighed down by worries of oversupply and lackluster demand, pushing Brent crude to a contract low on Monday. U.S. crude traded below $90 a barrel, despite a brief mid-morning rally, while Brent traded below $92 a barrel. Traders and analysts expressed uncertainty about how far global oil benchmarks could fall. "Supply continues to weigh heavy on the market and demand isn't keeping up with it," said Oliver Sloup, director of managed futures at iitrader.com LLC in Chicago. U.S. November crude was down 23 cents at $89.51 a barrel 11:35 a.m. EDT (1535 GMT). The benchmark had touched an intraday low of $88.76 a barrel at 10:38 a.m. EDT (1438 GMT) before rallying some 86 cents in the next 45 minutes.
