Damage Due to Harvey Storm Not Severe, Crude Oil Prices Rises Thin
By : Abraham Sihombing And Aldo Bella Putra | Tuesday, September 05 2017 - 17:00 IWST
INDUSTRY.co.id - New York - The price of crude oil in the global market New York, United States (US), on Monday (04/09/2017) evening or Tuesday (05/09/2017) morning Western Indonesia time closed up slightly. That's because the damage caused by Harvey's storm some time ago is not as severe as previously predicted.
The price of West Texas Intermediate (WTI) rose 8 cents to 47.37 dollars per barrel in the wake of the recovery in the country's demand, the Reuters report from New York said on Tuesday (05/09/17) morning, Uncle Sam is after the reduction of oil refinery activity since Harvey storm hit the US on August 25, 2017.
Brent crude prices closed down 41 cents to $ 52.34 a barrel. That's because some market participants shift their investments from the crude oil market to assets that are considered more secure, such as gold, following North Korea's nuclear test.
Meanwhile, gasoline prices dropped to levels before Harvey's storm as refineries and pipelines in the Gulf Coast resumed activity, reducing supply concerns. NYMEX RBc1 gasoline futures contract fell 3.28% to US $ 1.6906 per gallon. That's equivalent to the last price level seen on August 25, 2017.
The damage caused by Harvey's storm to the Gulf Coast's oil infrastructure appears to be less severe than previously thought. Major refineries, which convert crude oil into refined products such as gasoline and jet fuel, continue to operate gradually.
Colonial Pipeline, a US crude oil refinery, has resumed its oil refining operations from its pipeline stretching from Texas to New Jersey. The entire pipeline network of Colonial Pipeline will resume operations on Tuesday (05/09/2017) local time.
A JBC Energy analyst in Vienna, Austria, disclosed, Harvey's storm disorder of Minhyak mining infrastructure in the Gulf Coast continues to decrease so that various oil drilling activities gradually recover. So far, the energy industry has been spared major damage to assets and infrastructure. (Abraham Sihombing)