KSA records $20 bn surplus after oil price surge<\/a><\/strong><\/em><\/p>\n“With Asian markets tanking due to the surge in bond yields, demand outlooks are darkened amid a possible nearing economic recession,” said Tina Teng, an analyst at CMC Markets.<\/p>\n
“Traders\u2019 focus is not on the supply issues right now as the bond market\u2019s turmoil sunk risk assets, along with a stubbornly high U.S. dollar, which pressured oil prices,” Teng added.<\/p>\n
U.S. crude oil stocks rose by about 4.2 million barrels for the week ended Sept. 23, while gasoline inventories fell about 1 million barrels, according to market sources on Tuesday, citing figures from industry group the American Petroleum Institute.<\/p>\n
Distillate stocks rose by about 438,000 barrels, according to the sources, who spoke on condition of anonymity.<\/p>\n
The report comes ahead of official Energy Information Administration data due on Wednesday at 4:30 p.m. EDT.<\/p>\n
Goldman Sachs cut its 2023 oil price forecast on Tuesday, due to expectations of weaker demand and a stronger U.S. dollar, but said global supply disappointments only reinforced its long-term bullish outlook.<\/p>\n
Producers began returning workers to offshore oil platforms after shutting in output ahead of Hurricane Ian, which entered the U.S. Gulf of Mexico on Tuesday and is forecast to become a dangerous Category 4 storm over the warm waters of the Gulf.<\/p>\n
About 190,000 barrels per day of oil production, or 11% of the Gulf\u2019s total were shut-in, according to offshore regulator the Bureau of Safety and Environmental Enforcement (BSEE).<\/p>\n
Producers lost 184 million cubic feet of natural gas, or nearly 9% of daily output. Personnel were evacuated from 14 production platforms and rigs, the BSEE said.<\/p>\n
Ian is the first hurricane this year to disrupt oil and gas production in the U.S. Gulf of Mexico, which produces about 15% of the United States\u2019 crude oil and 5% of dry natural gas.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices slip over 1pc. Oil prices fell more 1% on Wednesday, pressured by a strengthening dollar and crude storage builds that offset support from U.S. production cuts caused by Hurricane Ian. Brent crude futures fell $1.08, or 1.3%, to $85.19 per barrel by 0341 GMT, while U.S. West Texas Intermediate (WTI) crude futures were […]<\/p>\n","protected":false},"author":8,"featured_media":11022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1],"tags":[6981,6978,6980,6976,6977],"class_list":["post-11021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-uncategorized","tag-american-petroleum-institute","tag-oil","tag-u-s-dollar","tag-west-texas-intermediate","tag-wti"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/11021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=11021"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/11021\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/11022"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=11021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=11021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=11021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}