Last Monday began with mixed dynamics of trading at the oil market.

The US WTI continued to rise against the backdrop of the decline in production in the Gulf of Mexico, while Brent moved down after testing a hydrogen warhead in North Korea. The price of November futures for the North Sea oil of Brent decreased by 0.42% - to 52.55 dollars per barrel. The price of October futures for oil WTI rose by 0.27% - to 47.42 dollars per barrel.

As a result of the hurricane, 10 oil refineries with a total capacity of 3,075 million barrels per day remained closed due to the effects of the disaster. In addition, four refineries with a total capacity of 1,105 million barrels per day did not work at full capacity. The oil production in the Gulf remained reduced by 5.5%, or 96 thousand barrels per day, according to the US Bureau of Safety and Environment. At the same time, traders hoped to restore the unfinished volumes.

Uncertainty in the commodity market continued on Tuesday. American refining began to recover from the hurricane Harvey, which, according to the Department of Energy of the country, disabled more than a quarter of US refineries and became the most devastating hurricane in the United States in the past 12 years, since the country collapsed in 2005 Hurricane Katrina, which led to the flooding of New Orleans. ExxonMobil announced the holding of activities for the resumption of its refinery in Baytown, Texas, which is the second largest refinery in America.

However, the pace of recovery was below expectations. As a result, the demand for oil remained low and quotations went down. The price of November futures for the North Sea oil Brent decreased by 0.39%, to 53.17 dollars per barrel, the price of October futures for WTI oil fell by 0.18% - to $ 48.57 per barrel. In addition, there were reports of the approach to the Caribbean islands of a new storm Irma, which was awarded a record fifth category. Analysts unanimously predicted cautious bidding, as long as there is a threat of another hurricane on the US coast.

Nevertheless, already in the second half of the day, oil prices moved to growth, Brent for the first time since May 25 overcame the mark of 54 dollars. The impact on the market was the words of the Minister of Energy of the Russian Federation Alexander Novak on the possibility of a decision on extending the agreement of the OPEC + countries, if the target reduction in oil reserves is not achieved.

The week ended with a noticeable drop in quotations due to the impending hurricane Irma, which experts already called the most powerful in the Atlantic over the past decade. The price of November futures for the North Sea oil Brent was down by 1.32%, to 53.77 dollars per barrel, the price of October futures for WTI fell by 3.14%, to 47.48 dollars per barrel. In addition, the American oil and gas service company Baker Hughes, a GE Company (BHGE) reported that, as a result of the working week, the number of drilling in the US increased by one unit, or 0.1%, to 944 units. In annual terms, the number of drilling rigs increased by 436 units, or by 1.8 times. The number of oil drilling rigs fell by three pieces, or by 0.4%, to 756 units. At the same time, the number of gas production facilities increased by four, or by 2.2%, to 187 units in a week.

 

 

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