Oil price rises as Anadarko evacuates Gulf of Mexico rigs
06 September, 2018, 05:14 | Author: Lawrence Cooper
Given the current upside momentum, this price level could easily be achieved later today especially if additional U.S. Gulf oil operations are shutdown once the hurricane's path and strength are determined.
Oil prices rallied on Tuesday to hit the highest level in nearly two months after the evacuation of two Anadarko (NYSE:APC) platforms in the Gulf of Mexico amid a looming tropical storm.
International Brent crude futures LCOc1 , by contrast, lost ground, trading at $78.10 per barrel, down 5 cents from their last close.
But after Mr Trump pulled out from the deal in May, he announced a new wave of economic measures to prevent Iran from making nuclear weapons.
The same day, Nigeria Oil Minister Emmanuel Ibe Kachikwu sought to reassure, saying Saudi Arabia and the United Arab Emirates, along with Nigeria and Angola, can bring enough oil to the market to help meet shortfalls from Iran.
Given that China and emerging markets more broadly are key demand growth areas for oil markets, analysts said crude prices had come under downward pressure.
By around 1420 BST, the price of Brent Crude oil was 1.68% higher at $79.46 per barrel.
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Global oil markets have tightened over the past month, pushing Brent prices up by more than 10% since the middle of August.
India will allow state refiners to import Iranian oil if Tehran arranges and insures tankers.
Energy expert John Kilduff counts Iran sanctions as the top reason West Texas Intermediate (WTI) could climb as much as 30 percent by winter, and that could spell $4 a gallon unleaded gasoline at the pumps.
Crude oil prices steadied Monday, weighed down by rising supply from OPEC and the US, but supported by concerns falling Iranian output will tighten markets once USA sanctions begin in November. The market will look to other producers such as Russian Federation to fill the void, even as Nigeria's oil minister remains confident of OPEC's ability to pump more, said the Singapore-based analyst.
FGE estimates Iran's exports will slump to below 1 million barrels a day by mid-2019, while industry consultant Energy Aspects Ltd. expects a plunge of 1.5 to 1.7 million in daily shipments by the end of this year from current levels of about 2.5 million.
Stephen Innes, head of trading for Asia-Pacific at brokerage OANDA, said Brent was "supported by the notion that US sanctions on Iranian crude oil exports will eventually lead to constricted markets", Reuters reported.
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