Oil prices rallied today to one-week highs - despite weak jobs data - as the dollar dived and everything went wildly risk-on. Potential shut-ins from Hurricane Idalia combined with more…
By Charles Kennedy of Oilprice.com
Chevron has evacuated three oil and gas platforms in the Gulf of Mexico ahead of tropical storm Idalia which is strengthening to a hurricane and expected to make landfall in Florida on Wednesday.
The U.S. supermajor said on Tuesday that it had evacuated non-essential personnel from its Blind Faith and Petronius platforms, and all staff had been removed from its Genesis platform in the Gulf of Mexico.
Oil and gas production continued on (more…)
Oil prices are extending yesterday's gains this morning, after API reported a huge crude draw and the dollar weakness supportive. A military coup in OPEC-member Gabon added some risk premium to oil prices, however, as Keshav Lohiya, founder of consultant Oilytics, wrote in a note this morning, “oil markets are very quiet,” adding that crude has been supported by bullish inventory data.
Additional support for oil prices are headlines that Russia is discussing with its OPEC (more…)
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