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Oil struggles

Crude-oil futures early Wednesday in New York traded on either side of break even, bouncing around as investors watched Hurricane Michael, which has intensified to Category 4 storm and was barreling down on Florida, and weighed the impact of pending U.S. sanctions on Iranian crude exports.

West Texas Intermediate crude for November delivery CLX8, -0.20%   on the New York Mercantile Exchange were little changed, edging down by 7 cents, or less than 0.1%, to $74.89 a barrel. The global benchmark, Brent crude for December delivery LCOZ8, -0.22%  edged 4 cents, or less than 0.1%, lower to $84.96 a barrel on the ICE Europe exchange.

The National Hurricane Center has deemed Michael as “extremely dangerous,” whose center is set to move inland over Florida’s Panhandle or Big Bend area later Wednesday. Michael was packing maximum sustained winds of 140 miles an hour, with higher gusts, and the potential for heavy flooding.

The Bureau of Safety and Environmental Enforcement has reported that 39.5% of oil production and 28.4% of natural-gas production in the Gulf of Mexico has been shut in as the hurricane heads into the region.

Meanwhile, on Tuesday, Reuters reported that Iran exported only 1.1 million barrels a day of crude in the first week of October, compared with 1.6 million barrels a day in September and 2.5 million barrels a day in the spring, underscoring declining output from the third-largest member of the Organization of the Petroleum Exporting Countries even before sanctions on oil take hold Nov. 4.

Looking ahead, investors were awaiting inventory reports that were set to be released a day later due to the Columbus Day holiday, observed on Monday. The American Petroleum Institute’s report is due out later Wednesday, while the Energy Information Administration’s data come out Thursday at 11 a.m. Eastern Time.

Analysts polled by S&P Global Platts expect the EIA to report a climb of 1.61 million barrels in crude inventories for the week ended Oct. 5. Gasoline stocks were forecast to rise by 422,000 barrels, but a 1.71 million-barrel decline was expected for distillate supplies, the survey said.

Source: marketwatch.com

Crude-oil futures early Wednesday in New York traded on either side of break even, bouncing around as investors watched Hurricane Michael, which has intensified to Category 4 storm and was barreling down on Florida, and weighed the impact of pending U.S. sanctions on Iranian crude exports.

West Texas Intermediate crude for November delivery CLX8, -0.20%   on the New York Mercantile Exchange were little changed, edging down by 7 cents, or less than 0.1%, to $74.89 a barrel. The global benchmark, Brent crude for December delivery LCOZ8, -0.22%  edged 4 cents, or less than 0.1%, lower to $84.96 a barrel on the ICE Europe exchange.

The National Hurricane Center has deemed Michael as “extremely dangerous,” whose center is set to move inland over Florida’s Panhandle or Big Bend area later Wednesday. Michael was packing maximum sustained winds of 140 miles an hour, with higher gusts, and the potential for heavy flooding.

The Bureau of Safety and Environmental Enforcement has reported that 39.5% of oil production and 28.4% of natural-gas production in the Gulf of Mexico has been shut in as the hurricane heads into the region.

Meanwhile, on Tuesday, Reuters reported that Iran exported only 1.1 million barrels a day of crude in the first week of October, compared with 1.6 million barrels a day in September and 2.5 million barrels a day in the spring, underscoring declining output from the third-largest member of the Organization of the Petroleum Exporting Countries even before sanctions on oil take hold Nov. 4.

Looking ahead, investors were awaiting inventory reports that were set to be released a day later due to the Columbus Day holiday, observed on Monday. The American Petroleum Institute’s report is due out later Wednesday, while the Energy Information Administration’s data come out Thursday at 11 a.m. Eastern Time.

Analysts polled by S&P Global Platts expect the EIA to report a climb of 1.61 million barrels in crude inventories for the week ended Oct. 5. Gasoline stocks were forecast to rise by 422,000 barrels, but a 1.71 million-barrel decline was expected for distillate supplies, the survey said.

Source: marketwatch.com

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