The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Oil rides to seven-week high on Gulf storm, tightening U.S. supply

Pubdate:2019-07-11 10:00 Source:liyanping Click:

NEW YORK (Bloomberg) -- Oil rode a tide of bullish news to its highest price in almost two months as a potential hurricane roiled the Gulf of Mexico and U.S. crude inventories dropped.

Futures advanced 4.5% to the highest settlement since May 22. The storm brewing in the Gulf could reach hurricane status before slamming ashore this weekend, according to government meteorologists. Chevron Corp., Exxon Mobil Corp. and other major oil producers are evacuating crews from offshore installations and almost one-third of Gulf crude output has been halted.

The Energy Department. meanwhile, reported that U.S. crude stockpiles shrank by 9.5 MMbbl last week, surpassing all 13 estimates in a Bloomberg survey. President Donald Trump vowed to increase sanctions on Iran “substantially,” adding to already simmering tensions in the Persian Gulf.

“The market is reacting to the impact of the storm and the price is getting further support from the crude oil inventory draw,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.

In Washington, Federal Reserve Chairman Jerome Powell said the central bank is concerned about the economic implications of global trade disputes, which investors took as a sign the Fed is ready to cut interest rates.

West Texas Intermediate crude for August delivery rose $2.60 to settle at $60.43/bbl on the New York Mercantile Exchange. Brent for September settlement climbed $2.85 to $67.01 on the ICE Futures Europe Exchange.

The global benchmark crude traded at a $6.49 premium to WTI for the same month.

“We started the morning pretty strong and on top of that the tropical depression in the Gulf was already leading us higher,” said Brian Kessens, a portfolio manager and managing director at Tortoise in Leawood, Kansas. “And Powell certainly didn’t hurt any markets with his dovish comments.”

The Gulf storm system was about 155 mi (250 km) from the mouth of the Mississippi River, the U.S. National Hurricane Center said in an advisory at 2 p.m. New York time. It could turn into a tropical storm by Thursday and turn into Hurricane Barry on Friday, according to the agency.

Chevron said Tuesday that it began shutting in five of its platforms and is starting to evacuate all associated personnel. Royal Dutch Shell Plc slightly reduced production on two platforms and is removing non-essential personnel. BP Plc and Exxon also began evacuations.

主站蜘蛛池模板: 中文永久免费观看网站| 成人免费小视频| 国产男女无遮挡猛进猛出| 亚洲快播电影网| 91av国产精品| 欧美亚洲国产精品久久| 国产精品久久久福利| 亚洲国产成人精品无码区在线网站| 2019国产情侣| 桃花视频性视频| 国产成人tv在线观看| 久久亚洲中文字幕无码| 色综合一区二区三区| 成年人在线播放| 免费很黄很色裸乳在线观看| 久久亚洲国产精品五月天| 黄瓜视频芭乐视频app下载| 欧美精品亚洲精品日韩专区va | 在镜子里看我怎么c你的| 人人妻人人狠人人爽| 91蝌蚪在线视频| 欧美人与z0xxxx另类| 国产成人愉拍精品| 久久久久无码中| 精品国产一区二区三区免费| 天天干天天干天天天天天天爽| 亚洲熟女综合一区二区三区| 青青草原亚洲视频| 日韩成年人视频| 国产成人精品综合在线观看| 久久大香香蕉国产免费网站| 老色鬼久久综合第一| 好大好湿好硬顶到了好爽视频| 亚洲的天堂av无码| 欧美综合社区国产| 无码人妻精品中文字幕| 免费视频淫片aa毛片| 8av国产精品爽爽ⅴa在线观看| 曰批全过程免费视频免费看| 四虎精品视频在线永久免费观看| jealousvue熟睡入侵中|