Nat Gas News – October 5, 2017
Nat Gas News – October 5, 2017
Tropical Depression Raises Hurricane Threat for U.S. Gulf Coast
Bloomberg reported: A tropical depression that could grow into a hurricane is forecast to strike the U.S. Gulf Coast late Sunday, potentially shutting down offshore oil and natural gas rigs and dealing another blow to citrus growers. The system off the Nicaraguan coast is expected to strengthen into a tropical storm later Wednesday and reach hurricane strength with winds of 80 miles (129 kilometers) per hour Sunday as it nears the U.S. coastline between Louisiana and Florida, according to the U.S. National Hurricane Center in Miami. Storm warnings have been issued for Honduras and Nicaragua. As it nears the U.S. coastline the storm, which would be named Nate, could strengthen to a Category 1 hurricane on the five-step Saffir-Simpson scale, the hurricane center said. There is about a 30 percent chance it will disrupt U.S. offshore energy operations, as companies may evacuate some personnel, said Matt Rogers, president of the Commodity Weather Group LLC in Bethesda, Maryland. For more visit bloomberg.com or click https://bloom.bg/2xZOo8u
Crude Oil Prices Slide Further on Bets for Bearish U.S. Supply Data
Investing.com reported: Crude oil prices slid further on Wednesday, reaching their lowest level in around two weeks amid speculation weekly supply data due later in the session will show a large build in U.S. fuel supplies. After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories declined by 4.0 million barrels in the week ended September 29 as refiners raised output. However, the API report also showed a gain of 4.9 million barrels in gasoline stocks, while distillate stocks fell by 584,000 barrels. Crude prices have rallied in recent weeks after data showed strong compliance from major producers with their supply cut agreement and a plethora of energy agencies suggested global demand is increasing. For more on this story visit investing.com or click http://bit.ly/2fLkVoO
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