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Oil jumps as hurricane hits U.S. output while crude stocks decline


16 September 2020

Brent crude rose 85 cents, or 2.1%, to $41.38 a barrel by 0645 GMT, while U.S. crude rose 92 cents, or 2.4%, to $39.20. Both contracts rose by more than 2% on Tuesday. More than 25% of U.S. offshore oil and gas output was shut and export ports were closed on Tuesday as Hurricane Sally sat just off the U.S. Gulf Coast.

That is likely to help reduce stockpiles although refineries were also shut down, cutting demand for oil. U.S. crude oil inventories fell by 9.5 million barrels last week, although gasoline inventories increased, data from industry group the American Petroleum Institute (API) showed on Tuesday.

Analysts had expected oil stocks to increase by 1.3 million barrels. Official data on U.S. stockpiles is due out later on Wednesday and often conflicts with the industry figures.

“If we see a number similar to the … drawdown the API reported overnight, it would likely provide some immediate support to the market,” ING Research said.

#source

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