Oil prices were higher today trading up as Hurricane Francine was barreling through towards Louisiana. “A rather unexciting minor build to crude inventories has been overshadowed by yet one more draw at Cushing,” said Matt Smith, lead oil analyst for Kpler. “EIA data show Cushing inventories now drawing nine of the last 10 weeks, down to the lowest level since early November last year.” Concern about Hurricane Francine disrupting output in the United States, the world’s biggest producer, also lent support, other analysts said. The U.S. Bureau of Safety and Environmental Enforcement said 39% of crude oil production in the Gulf of Mexico was shut by Wednesday as companies evacuated crews out of Francine’s path. The bureau also said 49% of natural gas production from the Gulf was shut by the storm. WTI traded up $1.56 or 2.37% to close at $67.31. Brent traded down $1.42 or -2.05% to close at $70.61.

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mars
  • Where: Renaissance Schaumburg Convention Center Hotel
  • Attending: Curtis Chandler (239.405.3365), David Cohen (954-729-4774), Cyndi Popov (403-402-5043)
  • Conference Website
mars
  • Where: La Quinta Resort & Club, La Quinta, California
  • Attending: Curtis Chandler (239.405.3365)
  • Conference Website
opis
  • Where: Charlotte Harbor, Florida
  • Attending: David Cohen (954-729-4774), Brian Baker (239)297-4519
  • Conference Website