Oil tops $50 as traders anticipate hurricane matthew-related disruptions usd to inr forecast 2015
U.S. Dollar pound conversion rate crude supplies have already posted declines in each of the last five weeks on the back of weaker import levels. Usd graph Hurricane Matthew, which may hit the U.S.’s East Coast in the next few days, is expected to cause disruptions to oil transportation, as well as demand for crude and crude products, in the region. Xpf to usd The storm was recently upgraded to a category 5 hurricane and some two million people are expected to be evacuated from the southeastern region of the U.S.
On the New York Mercantile Exchange, November West Texas Intermediate crude added 38 cents, or 0.8%, to $50.21 a barrel. Used book stores phoenix WTI prices haven’t settled above $50 since June, according to FactSet data. Aud usd forecast December Brent crude, the global oil benchmark, on London’s ICE Futures exchange added 51 cents,
or 1%, to $52.37 a barrel.
“Hurricane Matthew is barreling toward the East Coast, U.S. Euro to pound sterling exchange rate oil supply continues to fall and OPEC and non-OPEC oil producing nations are getting ready to meet in Istanbul to hammer down details of a joint oil production cut,” said Phil Flynn, senior markets analyst at Price Futures Group.
“For energy, the track of the storm looks to be a bigger threat to demand than supply but in the near term, it will further reduce U.S. Yahoo news canada oil supply that has fallen at a historic pace over the last 5 weeks,” he said in a Thursday research note. Hex editor windows “Oil tankers are being diverted to other ports or will wait out the storm and that could delay imports by as little as four days or in some cases, it could be weeks.”
But Patrick DeHaan, senior petroleum analyst at GasBuddy.com said he believes “demand destruction after a storm will more than likely offset any increase in demand ahead of it.”
“Supply could be disrupted by major and wide-scale power outages, but that will be difficult to anticipate until the storm is closer to making landfall,” he said.
Back on Nymex, November gasoline shed less than a cent to $1.487 a gallon, while November heating oil edged up by half a penny to $1.587 a gallon.
The U.S. Usd euro converter Energy Information Administration’s latest data showed U.S. Dollar to pound chart crude supplies fell by 3 million barrels in the week ended Sept. Decimal division calculator 30. Euro pound exchange rate forecast The surprise drop brought the total inventories to 499.7 million barrels, the lowest since January, though they were still 38.7 million barrels higher than a year ago.
“Fundamentally, the drop in U.S. Stock meaning in tagalog crude stocks is the big headline in the market,” said Robbie Fraser, commodity analyst at Schneider Electric. The millionaire real estate investor pdf “A month plus of counter-seasonal draws is pretty significant, though we have indications that’s a least partially due to those crude cargoes just piling up elsewhere.”
The decline was especially encouraging because it came during refineries’ maintenance season, typically a time when crude inventories tend to build because of less demand, said Stuart Ive, a client manager at OM Financial. Convert aud usd The refinery utilization rate was down to 88.3% from 93% two weeks ago, the EIA data showed.
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Oil prices have enjoyed a steady upward trend since last Wednesday, when members of the Organization of the Petroleum Exporting Countries reached a preliminary understanding to scale back production to reduce a supply glut that has depressed prices for more than two years.
The cartel has said it plans to cap the group’s production at between 32.5 million and 33 million barrels a day, down from 33.2 million barrels a day in August. Silver oz price The group, however, didn’t decide on the quota for individual countries and the deal won’t be completed until Nov. Binary questions 30 during the next OPEC official meeting in Vienna.
Reuters reported late Wednesday that OPEC and non-OPEC producers plan to informally meet in Istanbul on Oct. S&p futures market 8 to Oct. Futures and commodity market news 13 to discuss the preliminary agreement.
“The OPEC gathering isn’t anything groundbreaking, but it keeps the coordination narrative going and prevents too much of a momentum loss after the Algeria meeting,” Fraser told MarketWatch.
He also pointed out that $50 for WTI is “big resistance level,” and suggested that it may be a price point that spurs from U.S. Gender pregnancy shale oil production.
Meanwhile, natural-gas futures on Nymex headed lower in the wake of an EIA report which showed a bigger-than-expected weekly rise of 80 billion cubic feet for the week ended Sept. Financial futures market 30. Exchange rate nzd usd Analysts polled by S&P Global Platts forecast an average rise of 69 billion cubic feet.