• 49 mins Oil Prices Rise After API Reports Major Crude Draw
  • 2 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 4 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 5 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 6 hours Whitefish Energy Suspends Work In Puerto Rico
  • 7 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 19 hours Thanksgiving Gas Prices At 3-Year High
  • 23 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 1 day South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 1 day Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 1 day Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 1 day Iraq Steps In To Offset Falling Venezuela Oil Production
  • 1 day ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
Has The Big Oil Fire Sale Started?

Has The Big Oil Fire Sale Started?

The world’s largest sovereign wealth…

Bankrupt Venezuela Asks Partners For Free Oil

Bankrupt Venezuela Asks Partners For Free Oil

Following Venezuela’s official default last…

Brent Prices Fall After North Korean Nuclear Test

North Korea

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