Oil prices drop as storm threat eases on US Gulf coast

Donald Trump

International Brent crude futures fell 16 cents, or 0.2 per cent, to $78.01 a barrel.

"Storm in a teacup", said analysts at JBC Energy, referring to Gordon's limited impact on oil pricing. Yesterday, WTI ended the day slightly higher while Brent crude traded at highs last seen in July earlier this year. Britain, France, Germany, Russia and China, which also signed the nuclear deal, opposed the Trump administration's decision to withdraw from it.

According to the news report by Reuters, the week started with the price of oil gaining due to concerns that the reduced output from Iran once the USA sanctions kick in are going to tighten the markets.

Tehran is offering nearly free shipping and extended credit period, arranging for tankers and insurance after Indian firms including Shipping Corp of India (SCI) were forced to halt voyages to Iran due to U.S. sanctions.

The wild card in all of this is the total impact of USA sanctions on Iranian crude flows.

Firstly, two types of condensate, Lease and Plant, are defined by the U.S.as "petroleum products" as opposed to crude oil and so can be sold by Iran without the country breaking any sanctions.

Trump blasts Jeff Sessions and compares him to 'Lyin’ James Comey'
Trump's long-simmering anger stems from Sessions' decision to recuse himself from the Russian Federation investigation. Collins suspended his campaign days after he was indicted , while Hunter is continuing to campaign for re-election.

Oil price could rise 30%.

What's noteworthy about OPEC's August performance is that while production from the cartel's de facto leader Saudi Arabia edged up 10.48 million bpd, this was still intentionally lower than the kingdom's 10.60 million bpd showing for June - suggesting that if the Saudis chose to put aside worries about flooding the market and pump full out, OPEC could arguably put to rest persistent criticism that it isn't able to make up for shortfalls from Iran or Venezuela. With the United States increasingly exporting oil, weather disturbances can also cause price increases.

Japan's efforts to get a waiver from Washington that would allow it to continue importing oil from Iran appear to have been unsuccessful, according to Jiji Press, who adds that Japanese oil companies are now forced to prepare to suspend Iranian imports and investigate ways in which they can switch to other Middle East producers.

Despite these fears, the global markets don't have much to worry about as they are still fairly well supplied.

Market participants were also watching Tuesday for developments in the US-China trade war, with the US expected to announce another round of tariffs on Chinese goods. On Tuesday prices had climbed to $79.72, their highest since May. The country produced an average of 11.21 MMbopd in August, according to data emailed Sunday by the Russian Energy Ministry's CDU-TEK unit. "If there is a serious trade disagreement between the US and China, the Chinese consumption of energy will be impacted negatively, from our point of view and the ability to produce and export will be impacted", he said at the World Heavy Oil Congress.

Related News:

  • US Open: Nadal sets up a quarterfinal date with Thiem

    US Open: Nadal sets up a quarterfinal date with Thiem

    But he backed that up with a strong season, reaching the Wimbledon final and earning the No 5 seed in this tournament. Nadal will face third seed Juan Martin Del Potro in the first of the semi-finals at Flushing Meadows.
    Google Chrome launches new design and features - Here they are

    Google Chrome launches new design and features - Here they are

    There's also the New Tab page that can be customised to your fancy and Chrome 69 for desktop also enables PiP mode by default. If you select the password, it will save it to your Google account, making it unnecessary for you to remember the password.
    Donald Trump presidency called 'Crazytown' in new Bob Woodward book

    Donald Trump presidency called 'Crazytown' in new Bob Woodward book

    During a meeting last July , Trump's national security advisers attempted to "educate" the president on foreign policy. Trump is quoted as telling his hand-picked 80-year-old secretary of commerce, Wilbur Ross , "I don't trust you".
  • Trump warns Syria, Russia, Iran against Idlib ‘tragedy’

    Trump warns Syria, Russia, Iran against Idlib ‘tragedy’

    The Trump administration has twice launched airstrikes against Syria's government in response to the chemical weapons attacks.
    John McCain's friends defend Meghan McCain's Trump diss at funeral

    John McCain's friends defend Meghan McCain's Trump diss at funeral

    John McCain dearest friends on Sunday praised daughter Meghan McCain's fiery eulogy that took swipes at President Trump . Large crowds lined the road to pay their respects as the funeral cortege carrying McCain's flag-draped casket passed by.
    Piper Perabo Arrested at Brett Kavanaugh Senate Confirmation Hearing

    Piper Perabo Arrested at Brett Kavanaugh Senate Confirmation Hearing

    Richard Blumenthal of CT , "selecting a justice on the Supreme Court who potentially will cast a decisive vote in his own case". He touted his mother, a prosecutor and trial judge, as the person to whom the title "Judge Kavanaugh ... will always belong".
  • Russian Federation  resumes Idlib air strikes

    Russian Federation resumes Idlib air strikes

    Assad has vowed to defeat the opposition in its last refuge in the province if the rebels do not surrender to government rule. The French Foreign Ministry is "ready to act" if Assad uses lethal chemical weapons, it said in a statement on Monday.
    In Syria's Rebel-Held Idlib, Fighters Brace for Upcoming Offensive

    In Syria's Rebel-Held Idlib, Fighters Brace for Upcoming Offensive

    The campaign for Idlib is likely to be the last major theater of battle after seven years of brutal civil war. Israel rarely acknowledges such strikes, but has recently targeted suspected Iranian posts inside Syria .

    Del Potro into third US Open semi-finals

    Del Potro could not convert the sole break chance in the opening set with Isner making the most of a mini-break in the tiebreaker. Now he looks ahead to a semi-final where he will either take a 5-11 losing record against Nadal or a flawless 4-0 over Thiem.
  • Tiger Woods returns to Ryder Cup as wild card

    Tiger Woods returns to Ryder Cup as wild card

    Furyk also announced his vice-captains, selecting David Duval , Zach Johnson , Matt Kuchar , Davis Love III and Steve Stricker. He still has one more Captain's Pick to use, which he will make on Monday. "But it could have been a lot more hard ".
    Former Chelsea keeper needlessly disrespects the Blues once again

    Former Chelsea keeper needlessly disrespects the Blues once again

    He also added that playing with Sergio Ramos is making him believe that his captain is the best center-back in the world. Courtois seems to be enjoying life back in the Spanish capital despite his lack of game time .
    Nadal: I need to be at my best against Thiem

    Nadal: I need to be at my best against Thiem

    Nadal will face Dominic Thiem , who knocked out last year's finalist Kevin Anderson to reach the last eight for the first time. Nadal then hammered Vasek Pospisil 6-3 6-4 6-2, but he was pushed hard in the third round by the powerful Karen Khachanov.


Most liked

Kim Kardashian is 'fighting' to free another prisoner
This week, Kim appeared on the " Wrongful Conviction " podcast to discuss her support for Young. Kardashian has attended at least one other prison reform meeting at the Trump White House .

White House Responds to Woodward Book
Mattis comes across well in reported excerpts of Woodward's book, including standing tall as a bulwark against the Dr. Trump says he would have liked to speak with Woodward and he says it sounds like it will be a "negative" book.

Two Russian nationals identified as suspected Salisbury nerve agent attackers
The crown prosecution service named Russian intelligence officers Alexander Petrov and Ruslan Boshirov as the suspects. Britain charged two Russians with his murder but both remain in Russia , and one later won a seat in parliament.

Former BoE chief says United Kingdom heading for "Brexit in name only"
In her report, Ms O'Reilly identified four counts of maladministration by the commission in the process. However, the Commons chamber is broadly split into four camps.

USA service member killed in Afghanistan insider attack
The victim the sixth US service member to be killed in Afghanistan in 2018, and the second to be killed in an insider attack. Dunford, Jr., chairman of the Joint Chiefs of Staff, said last week during a briefing with reporters at the Pentagon.

Arbitrator refuses NFL's request for dismissal in Colin Kaepernick's collusion case
The grievance states that Trump and Pence "engaged in various public relations stunts created to retaliate against Mr. Kaepernick, who is now 30, played six years with the 49ers and led them to the Super Bowl in his second season.

Day 2 of hearings finds Kavanaugh in the hot seat
The president's comment followed the statements of Democratic senators who warned that Trump was, in the words of Sen. Several dozen protesters, shouting one by one, disrupted the hearing at several points and were removed by police.

Colin Kaepernick: Serena Williams says Nike advert is 'powerful statement'
Morris said Nike's target demographic is between the ages of 16 and 40, and that 60 percent of sales come from foreign buyers. He suggested last September that NFL owners should stop those who kneel during the national anthem from playing in games.

Typhoon Jebi hits Japan
One person each was slightly injured in Mie and Kagawa prefectures, according to the Fire and Disaster Management Agency. Kansai International Airport in Osaka was closed indefinitely due to flooding, and more than 700 flights were cancelled.

Messi snubbed as Fifa names best player award nominees
He was also the top scorer in the Champions League with 15 goals and was awarded the "Forward of the Season" in the competition. Salah's strike in last December's Merseyside derby also makes the shortlist, with FIFA .com users voting for the victor .

Time to acknowledge it's title or nothing for Serena Williams
With the win, Williams will take on Latvia's Anastasija Sevastova in the semis, who knocked off No. 3 Sloane Stephens 6-2, 6-3. Open lost Roger Federer , another past champion fell in Arthur Ashe Stadium.

No L.A. sex charges for Spacey, Seagal, Anthony Anderson
Spacey has been accused of sexual misconduct and assault by multiple men, including several who were minors at the time. The Los Angeles County District Attorney's Office made no comments today on the merits of the accusations.

Boston's Ayanna Pressley follows trail blazed by Alexandria Ocasio-Cortez
Ayanna Pressley applauds in front of her supporters during primary day on September 4, 2018 in Chelsea, Massachusetts. The last time an incumbent Democratic House member lost a primary was in 2014, when Seth Moulton defeated former Rep.

Trump praises Arizona governor's pick of Jon Kyl to succeed McCain
The unusual timing of Kyl's appointment could work out for another Arizona Republican who wants to become a U.S. senator - Rep. One of his first tasks will be to vote in President Donald Trump's nominee for United States Supreme Court, Brett Kavanaugh.

Gruden: We all Came to a Decision on Mack Together
I don't know what my man the Gru-dog is doing. "It's nice to have such a prolific rusher outside me", Hicks said. Mack has been one of the NFL's most brilliant defensive players since entering the league in 2014.