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☆ Oil rises 2% from multi-month lows on U.S. Gulf output cuts, supply outlook
▼ + stars: | 2022-09-28 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

The outages may only provide a momentary reprieve for oil prices, said Bob Yawger of Mizuho in New York. After shutting some its offshore crude production, BP Plc (BP.L) said the storm didn't pose a threat to its Gulf of Mexico assets and it was redeploying workers to oil platforms. "Oil is currently under the influence of financial forces," said Tamas Varga of oil broker PVM. Iraq's oil minister on Monday said the group was monitoring prices and did not want a sharp increase or a collapse. U.S. crude oil in storage rose by about 4.2 million barrels for the week ended Sept. 23, according to market sources citing American Petroleum Institute figures on Tuesday.

☆ U.S. oil refinery run-rates could top 90% for 3rd quarter in a row
▼ + stars: | 2022-09-28 | by ( Erwin Seba | ) www.reuters.com time to read: +4 min

This year's final quarter, however, could see operators hold production rates high to grab strong diesel margins, they said. The forecast excludes the potential impact of a major hurricane striking the U.S. Gulf Coast, home of nearly half the nation's oil refining. U.S. crude oil capacity is down nearly 1 million barrels per day since early 2020, to 17.9 million barrels per day (bpd). At the same time, inventories fell to 117.3 million barrels, down 12 million barrels from the same week a year ago. “They’re trying to make more distillate.”Holding runs above 90% runs the risk of further eroding gasoline margins.

Sept 27 (Reuters) - Airlines canceled over 2,000 U.S. flights on Tuesday and Wednesday and some Florida airports halted operations as they braced for impact from Hurricane Ian, which was set to make landfall in the state. Airlines had scrapped 367 flights on Tuesday and 1,748 on Wednesday across the United States, according to flight-tracking website Flightaware.com. REUTERS/Shannon Stapleton/File PhotoloadingEven Florida airports not closing were experiencing major impacts. Airlines canceled about 40% of flights at Miami International Airport on Wednesday. The Federal Aviation Administration said it was "closely monitoring" Hurricane Ian and its path.

☆ Wall Street keeps selling as world assets fail to recover
▼ + stars: | 2022-09-27 | by ( Lawrence Delevingne | ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 27, 2022. The Bank of England said late on Monday it would not hesitate to change interest rates and was monitoring markets "very closely." U.S. stocks mostly faltered after a morning bounce, with the S&P 500 hitting a two-year intraday low. The MSCI world equity index (.MIWD00000PUS) reversed early gains on Tuesday, falling about 0.3% to a near two-year low early Tuesday afternoon. MSCI's broadest index of Asia shares outside Japan (.MIAPJ0000PUS) hit a fresh two-year low and was flat on the day.

☆ Airlines scrap over 1,200 U.S. flights as Hurricane Ian set to make landfall
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Sept 27 (Reuters) - Airlines canceled over a thousand U.S. flights on Tuesday and Wednesday and several Florida airports are halting operations as they braced for impact from Hurricane Ian, which was set to make landfall in the state. Airlines had scrapped 321 flights on Tuesday and 1,148 on Wednesday across the U.S., according to flight-tracking website Flightaware.com. ET Tuesday, while Tampa Airport will halt operations at 5 p.m. and Orlando International Airport will cease operations at 10:30 a.m. Wednesday. The Federal Aviation Administration said it was "closely monitoring" Hurricane Ian and its path. American Airlines Group Inc (AAL.O) said it has issued a travel alert for 20 airports in the western Caribbean and Florida.

☆ Goldman cuts 2023 oil price forecast due to weakening demand outlook
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Sept 27 (Reuters) - Goldman Sachs on Tuesday cut its 2023 oil price forecast due to expectations of weaker demand and a stronger U.S. dollar, but said the ongoing global supply disappointments only reinforced its long-term bullish outlook. Goldman's commodities research division lowered the forecast for next year by $17.5 per barrel on average, even as it saw a seasonally adjusted global oil market deficit in the fourth quarter of 2022 and in 2023. The short-term path for oil prices is likely to remain volatile, Goldman said, adding that a sharply appreciating dollar and lower demand expectations will continue to put downward pressure on oil for the rest of this year. It would take an economic hard landing and a contraction in global GDP growth to justify sustained lower prices, the note said. Goldman does not expect OPEC to increase its production quotas this year and sees the oil exporting group stabilizing output near current levels through 2023.

☆ Oil up $2 a barrel from multi-month low on U.S. Gulf supply cuts, softer dollar
▼ + stars: | 2022-09-27 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. "Oil is currently under the influence of financial forces," said Tamas Varga of oil broker PVM. BP and Chevron said on Monday they had shut production at offshore platforms in the Gulf of Mexico as Hurricane Ian approached. read moreThe outages may only provide a momentary reprieve for oil prices, Jim Ritterbusch, of Ritterbusch and Associates, said in a note. Iraq's oil minister on Monday said the group was monitoring prices and did not want a sharp increase or a collapse.

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. Such a move would signal a reversal in China's oil products export policy, add to global supplies and depress fuel prices. After a recent slide in benchmark Brent crude prices to below $100 a barrel, Chinese refiners have taken arbitrage opportunities to boost stockpiles, traders said, booking supertankers to haul crude oil to China from the Americas and Middle East. A second official with another state refinery said his plant is also planning about an 8% hike in throughput next month, but added that the plan had been driven by firmer domestic margins. A third state refinery expects to restart a 60,000-bpd crude unit next month after maintenance, one of the sources said.

The coming end of SPR releases could shift market dynamics again in a year of high volatility following Russia's invasion of Ukraine in February. In March the White House announced it would release 180 million barrels from the U.S. strategic reserve to help quell high prices. Foreign buyers have turned to discounted Russian barrels, tempering Canadian crude exports. "When the SPR releases finish, these refiners will look to lean harder again on Canadian barrels or seaborne imports." That system ships the bulk of Canadian crude exports to the United States.

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