WTI rises to near $68.50 due to output disruptions in the US Gulf of Mexico
The post WTI rises to near $68.50 due to output disruptions in the US Gulf of Mexico appeared on BitcoinEthereumNews.com.
WTI price appreciated as Hurricane Francine caused output disruptions in the US Gulf of Mexico. Official data showed that nearly 42% of US Gulf of Mexico’s Oil production had been shut in as of Thursday. Both OPEC and IEA have lowered their forecasts for Oil demand growth, citing economic challenges in China. West Texas Intermediate (WTI) Oil price holds gains for the third consecutive day, trading around $68.50 during the Asian session on Friday. The rise in crude Oil prices is driven by Hurricane Francine, which forced producers to evacuate platforms ahead of its impact on the Louisiana coast on Wednesday, causing output disruptions in the US Gulf of Mexico. On Thursday, Oil producers conducted damage assessments and safety checks in preparation to resume operations in the US Gulf of Mexico. According to Reuters, UBS analysts projected that Oil output in the region for September would decrease by 50,000 barrels per day (bpd) compared to the previous month. Meanwhile, FGE analysts estimated a larger drop of 60,000 bpd, bringing total output to 1.69 million bpd. Official reports indicated that nearly 42% of the region’s Oil production had been shut in as of Thursday. This week, both the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) lowered their forecasts for Oil demand growth, attributing the revision to economic challenges in China, the world’s largest Oil importer. Additionally, speakers at the APPEC conference highlighted that China’s transition toward lower-carbon fuels is also dampening its Oil demand. China’s crude Oil imports averaged 3.1% lower from January through August this year compared to the same period last year, according to customs data released on Tuesday. In addition to concerns about China, demand worries have also intensified in the United States. US gasoline and distillate futures hit multi-year lows this week,…
Filed under: News - @ September 13, 2024 3:24 am