Crude oil gains as Iran’s falling oil shipments, hurricane raise concerns
Seeking Alpha
Published Oct 09, 2018 04:16PM ET
Crude oil gains as Iran’s falling oil shipments, hurricane raise concerns
- Crude oil prices climbed on concerns over declining supply from Iran and worries over potential risks to energy infrastructure as Hurricane Michael heads for the Gulf of Mexico.
- Nymex crude for November delivery settled +0.9% at $74.96/bbl while Brent crude gained +1.3% at $85/bbl.
- Reuters reported that Iran exported only 1.1M bbl/day of crude in the first week of October, compared to 1.6M bbl/day in September and 2.5M bbl/day in the spring, indicating that “U.S. sanctions are already having a visible impact even before officially coming into force in early November,” Commerzbank (DE:CBKG) says.
- While Hurricane Michael is expected to miss most energy production in the Gulf of Mexico region, the Bureau of Safety and Environmental Enforcement estimates 39.5% of oil production and 28.4% of natural gas production in the Gulf has been shut in.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, ERYY, ERGF, OILD, OILU, USAI
- Now read: Term Structure In Crude Oil Warned Of The Correction
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