Oil rises to five-week high as outlook for demand brightens

Ethylene is a key component to the $3.5 trillion global chemical industry with 146 million tons produced in 2016 alone

Ethylene is a key component to the $3.5 trillion global chemical industry with 146 million tons produced in 2016 alone

The West Texas Intermediate for October delivery was up 1.07 US dollars to settle at 49.30 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery rose 0.89 dollar to close at 55.16 dollars a barrel on the London ICE Futures Exchange.

The S&P 500 Energy Index climbed as much as 1.3 percent, with Chesapeake Energy Corp jumping 8 per cent, while Pioneer Natural Resources Co and Devon Energy Corp gaining more than 3.5 per cent.

Despite the huge uncertainties related to the two massive hurricanes that hit the USA, the global oil market looks tighter than it has in a long time, according to a new report from the International Energy Agency.

"Based on recent bets made by investors, expectations are that markets are tightening and that prices will rise, albeit very modestly", the IEA, which coordinates energy policies in industrialised nations, said in its monthly report. "WTI has been lagging [Brent] of late due to the bearish impact of Hurricane Harvey on refining activity", but played catch up Wednesday.

Earlier Wednesday, the EIA reported that USA crude stocks rose by 5.9 million barrels for the week ended September 8 while domestic USA crude output jumped by 572,000 barrels a day to 9.353 million barrels as more wells came back on line after the storm.

Tattoo inks contain nanoparticles
If somebody asks me whether it's unsafe to have a tattoo , all I can say is, We don't know yet". Previous research has linked titanium dioxide to itching and delayed healing.

The IEA revised down the global refinery throughput forecast for the third quarter of 2017 by 0.7 million bpd due to Harvey. Texas, where Harvey made landfall, represents 31% of all US refinery capacity, based on data from January 2017.

Another notable issue, the IEA said, was that US oil supply is quite a bit lower at this point than it expected, and not just because of Harvey. Crude oil exports are also set to rise further, so in a global context, the U.S. Gulf Coast has emerged as one of the most vital energy hubs, meaning that "in some respects, it can be compared to the Strait of Hormuz in that normal operations are too important to fail", the IEA cautioned.

Harvey, which first trampled communities in South Texas at landfall August 25 and then flooded the Greater Houston area as it stalled on the Gulf Coast, caused substantial electricity outages, as power plants and transmission infrastructure were affected by high winds and significant flooding, the Energy Information Administration (EIA) noted Wednesday.

"Refinery runs dropped by almost 400,000 [barrels a day] to a 4 1/2 -year low, meaning lower crude demand translated into higher crude flows into storage tanks", said Smith.

Gasoline stockpiles were down 8.4 million barrels for the week, the EIA said.

Hillary Clinton Acknowledges How Misogyny Played Role in Campaign Loss
After Comey's announcement, men could turn to their wives or girlfriends and say, "I told you, she's going to be in jail". Clinton told hosts Matt Lauer and Savannah Guthrie Comey was the "determining factor" in her defeat.

"It looks like we are turning the corner", Phil Flynn, senior market analyst at Price Futures Group Inc in Chicago, said by telephone.

Distillate stockpiles, which include diesel and heating oil, fell 3.2 million barrels, versus expectations for a 1.5 million-barrel drop, the EIA data showed.

Futures gained as much as 1.8% in NY. Harvey, the strongest storm to hit the USA since 2004, made landfall as a Category 4 hurricane Friday, with torrential rain flooding cities from Corpus Christi to Houston and shutting plants able to process some 2.26 million barrels a day of oil.

OPEC kingpin Saudi Arabia recently floated the idea of extending the output accord and has discussed it with other cartel members including Venezuela and Kazakhstan, according to media reports.

Delaware River Basin Commission moves toward fracking ban
The resolution requires the director to publish for public comment new regulations by November 30. The Delaware watershed supplies Philadelphia and half of New York City with drinking water.

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