• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 2 hours Would bashing China solve all the problems of the United States
  • 25 mins Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 18 mins Model 3 cheaper to buy than BMW 3 series.
  • 3 mins Thugs in Trumpistan
  • 4 hours Pompeo's Hong Kong
  • 1 day China to Impose Dictatorship on Hong Kong
  • 15 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 4 mins China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 9 hours China’s Oil Thirst Draws an Armada of Tankers
  • 4 hours Income report showing potential future spending and economic growth
  • 2 days Iran's first oil tanker has arrived near Venezuela
  • 5 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 6 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 1 day 60 mph electric mopeds
  • 2 days Let’s Try This....
China Scoops Up Cheap Nigerian Oil

China Scoops Up Cheap Nigerian Oil

Nigeria can finally let off…

Will U.S. Shale Survive If Oil Hits $40?

Will U.S. Shale Survive If Oil Hits $40?

The oil price collapse is…

Brent Prices Fall After North Korean Nuclear Test

Brent prices were down on Monday morning after investors shied away from crude oil markets and instead turned to safer-haven gold futures after North Korea conducted its sixth and most powerful nuclear test over the weekend.

At 09:40 am CST on Monday, Brent Crude was down 0.23 percent at US$52.63. Meanwhile, spot gold prices today touched a one-year high as investors flocked to safer asset classes.

WTI Crude, the U.S. benchmark, was holding steady, up 0.38 percent at US$47.47. Trading in crude futures today is expected to be thin due to the Labor Day holiday in the U.S.

Gasoline futures, in the meantime, were down more than 4 percent early Monday morning, as Texas and Louisiana’s petroleum industries are slowly coming back to life. Before and after Hurricane Harvey hit Texas and Louisiana last week, more than 20 percent of the U.S. refining capacity had shut down, including the biggest and second-biggest refineries in the U.S.—Port Arthur and Baytown. A major fuel artery to the East Coast, the Colonial pipeline, also shut down last week.  

As of 2:30pm EDT on Sunday, September 3, Colonial Pipeline assessments were ongoing, and as such, “the current estimated restart between Houston and Hebert has been updated to Monday, September 4 for Line 2 (distillates), and Tuesday, September 5 for Line 1 (gasoline),” the Department of Energy said in its latest update on the aftermath of Hurricane Harvey. Currently, only Texas operations are down, and the remainder of the Colonial system continues to operate with available supply, the DOE said.

Related: An Energy Independent North America Needs NAFTA

Seven refineries have begun the process of restarting after having been shut down, but this process could take several days or weeks, depending on whether any damage is found during restart. According to public reports, at least four refineries in the Gulf Coast were operating at reduced rates, the DOE noted.

In offshore production, some 5.5 percent of the current oil production of 1,750,000 bpd in the Gulf remains shut-in, which is equal to 96,260 bpd, the Bureau of Safety and Environmental Enforcement (BSEE) said on Sunday, compared to more than 20 percent of Gulf oil production shut-in immediately after Harvey made a landfall in Texas last weekend.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News