Oil prices rise after Ida hurricane

Oil prices rise after the Ida hurricane: International oil markets were affected by the evacuation of the biggest companies
in the Mexican gulf since Thursday 26th August 2021 when they began to evacuate workers on offshore platforms.

Other companies stopped oil and gas production before the tropical storm Ida which produced the hurricane later,
since offshore wells in the gulf shape nearly 17% of the American production.

On Tuesday about 79% of USA production in the Gulf remained inoperative,
as 79 platforms remained out of order for more than a week since the strike of the hurricane Ida.

About 17.5 million barrels of crude oil have been taken out of the market up till now.

Traders are waiting for any data by the API about the American stockpiles that were expected to be released today.

Traders are still waiting for data from the Energy Information Administration (EIA) tomorrow to get a clear image
of the hurricane’s effects on oil production and refineries production.

 

Topics:

1. Analysts’ predictions for the current position
2. Yesterday oil prices
3. Today’s oil prices
4. Oil companies developments effects on the market
5. China increases its crude oil imports in August
6. Chevron seeks to sell Eagle Ford assets
7. Only nine companies in Brazil’s next auction
8. Gazprom finishes Nord stream2 pipeline
9. Total Energies signs a big contract with Iraq
10. Adnoc sells 7.5% of its drilling unit
11. Saudi Arabia markets Guyana’s crude oil
12. Mexico tries to pay off debts of PEMEX

 

Analysts’ predictions for the current position

According to a survey by Reuters analysts expected a decline by 3.8 million barrels of stockpiles by the week ending September 3rd,
gasoline stockpiles would decline by 3.6 million barrels, and a decline by 3 million barrels of distillate stockpiles.

Yesterday oil prices

Oil prices fell vastly on Tuesday as dollar prices rose due to fears of the rise of Covid-19 infections in the USA and Asia which would delay the growth.

The strict reductions made by Saudi Arabia for October 2021 also aroused concerns about oil demand recovery in Asia
as OPEC restarts part of its suspended production gradually.

While the cut In production in the USA still hinders crude oil production in the Mexican gulf.

IT seems that offer restrictions aren’t efficient to stop oil prices decline.

On Tuesday Brent crude was less than 72$ in trades, while West Texas Intermediate crude was for 68.5$ a barrel.

Today’s oil prices

Oil prices rose on Wednesday 8th September, reducing yesterday’s losses as producers in the American Mexican gulf restarted operations after nine days of the Ida hurricane strike.

West Texas Intermediate crude oil futures contracts were up 27 cents or 0.4% to 68.62$ a barrel, after Tuesday’s decline of 1.4% on labor day vacation.

Brent crude futures contracts were up 14 cents or 0.2% to 71.83$ a barrel, after Tuesday’s decline by 0.7%.

Oil companies developments effects on the market

The Italian oil and gas company ENI (Listed in New York stock exchange under the code NYSE:E) contributed with an oil exchange company headquartered in Emirates to collaborate on projects of Hydrogen and carbon capturing around the world fosters its existence in Emirates.

British petroleum company (NYSE:BP) collaborated with the investing company Macquarie Group ASX:MQG to establish a potential green hydrogen center to be built in the Kwinana refinery which is closed for now.

Canadian pipelines company Enbridge (TSE:ENB)  will buy logistics services company Moda Midstream which concentrates on the gulf coast,
which will give the company access to the Ingleside station that belongs to Moda company and other channels as the Cactus II pipeline.

China increases its crude oil imports in August

Chinese buyers increased their imports throughout the last month,
according to data by the Chinese customs, to reach 10.5 million barrels per day of crude oil by 8% monthly.

As refinery restrictions continued due to a lack of importing shares,
companies controlled by the state conducted most of the buying operations.

Chevron seeks to sell Eagle Ford assets

Reports showed that Chevron, the biggest American company ( listed in the New York stock exchange under the code NYSE:CVX)
is trying to sell its oil and gas assets of Eagle Ford in Texas, inherited by its foreclose of Noble Energy last year, for 3.8 billion dollars.

Only nine companies in Brazil’s next auction 

The next round of bidding held by Brazil’s organization for oil had only nine companies registered, the lowest number ever registered,
although the list includes giant oil companies such as ExxonMobil(NYSE:XOM), Chevron(NYSE;CVX),
Shell(NYSE:RDS), and Total Energies(NYSE:TTE).

Gazprom finishes Nord stream2 pipeline

The giant Russian company Gazprom (MCX:GAZP) finished a gas channel pipeline under the sea of 11 billion dollars,
only the wilding works between the German and Denim sectors are left,
so Gazprom stocks rose on Monday by more than 4% on the day.

Total Energies signs a big contract with Iraq

The French giant company Total Energies (listed in New York stock exchange under the code NYSE:TTE) signed a big deal with Iraq of 27 billion dollars to build
a lot of installations to shift seawater to southern oil fields, and gas processing factory of 2 billion dollars to decrease Iraq’s dependence on Iranian gas,
and also establishing solar power station.

Adnoc sells 7.5% of its drilling unit 

Emirates national oil company Adnoc declared that it would offer 7.5% of its drilling company in the second public subscription in October,
Adnoc previously offered 5% in 2018 to go to Baker Hughes ( listed in New York stock exchanges under the code NYSE:BKR) for 550 million dollars.

Saudi Arabia markets Guyana’s crude oil

Guyana’s government chose ATL the commercial arm of Saudi Aramco( trade:2222) located in London to market its next share of crude oil,
it offered a bid of 0.025% a barrel as a potential commission which indicates the potential winner in the country a long time ago.

Mexico tries to pay off debts of PEMEX

The Mexican president Lopez Obrador assumed that Mexico would use the fund presented by the International Monetary fund by allocating 12 billion dollars in special drawing rights to pay off PEMEX’s 115 billion dollars debts.

Oil prices rise after the Ida hurricane