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Hurricane Irma gives up its position – oil is rising in price

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Hurricane Irma gives up its position – oil is rising in price
September 11
09:00 2017

A decline in oil prices has been observing for the whole week. This drop was caused by the fast resumption pace of the operation of oil refineries in the United States. The stoppage of their functioning was provoked by the destructive and powerful hurricane Harvey.

Also, the analysts were afraid that the hurricane Irma would result in a reduced demand for gasoline in the USA. These fears affected the reduction of prices too.

The good news helped the oil to rise: the hurricane Irma has weakened its strength. On Monday morning, November futures for Brent crude oil (traded on the London Stock Exchange ICE Futures) exceeded $ 54.05 per barrel; the increase totaled 0.5% or $0.27.

We recall that at the close of trading on Friday, these futures were being traded at about 53.78 US dollars per barrel; the drop amounted to 1.3% or in absolute terms – 0.71 US dollars.
Oil brand WTI also took its revenge on the positive news about the behavior of the hurricane Irma. To date, the futures for October (traded on the New York Mercantile Exchange NYMEX) have gone up to $47.87 per barrel. The increase has totaled 0.39 US dollars or 0.82%. At the close of trading on Friday, futures for WTI crude oil were being traded at $ 47. 47; the fall amounted to 3.28% or $1.61.

Analysts estimated that 5-6% of refineries (located predominantly in Texas) had not opened due to the negative effects of the hurricane.

The US Energy Information Administration (EIA) has published the data on the volume of oil and oil products in the United States. It turned out that the country’s oil reserves were estimated at 462,353 million barrels. This is 4.58 million more than last week. The reserves of gasoline and distillates have decreased by 31,999 and 1396 million barrels, respectively.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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