Meanwhile, China’s release of crude oil from reserves is now viewed in an optimistic light: File Image / Pixabay
The slow but steady recovery in production in the Gulf of Mexico after Hurricane Ida, the main reason crude oil prices were heading for a third week of gains on Friday while Louisiana Refineries that have resumed increased demand for the raw material.
On Friday at 9:32 a.m. EDT, West Texas Intermediate was up 2.48 percent at $ 69.80 per barrel and Brent had risen by 2.25 percent act at $ 73.02.
Andrew Lebow, Senior partner at Commodity Research Group, said: “The market is now focusing laser-sharply on the supply situation in the US; the losses due to the longer failure in the Golf are more noticeable. “
The market is now focused laser-sharply on the supply situation in the USA
Andrew Lebow, Senior Partner, Commodity Research Group
For the record, Marathon Petroleum‘S 578,000 barrels per day (bpd) Garyville, Louisiana Refinery is back in operation, and Exxon Mobil Corp. secured another 1.5 million Barrels from the Strategic Petroleum Reserve for his Baton Rouge Refinery that went back online on Thursday.
However, according to reports, the storm did so much damage New Orleans-Area Phillips 66 Refinery that repairs may be too costly and the better option is to shut down the facility; This could complicate Phillips 66’s efforts to discharge the asset, as it was intended prior to Ida, due to “market conditions and the evolving energy landscape,” according to a company spokesman Bernardo Fallas.
In other oil related news on Friday, LibyaThe city’s oil production was at risk again, this time due to a power struggle between the government in Tripoli and the National Oil Company.; the stalemate could potentially deprive the North African country of significant revenue as the above crude oil deals $ 70 per barrel as well as the global oil market in the wake of the production losses caused by Ida.
Even during Chinathe unexpected release of crude oil from its reserves depressed the oil markets in the previous session, Oils stated in a report that the release “can be viewed as bullish for the first time as it relates to the surge in demand in the 4th