Harvey and Irma's Impact on US Supplies Shown Through Charts

On Wednesday, the IEA published the most bullish oil report this year, saying that demand growth in Q2 was very strong and would continue to be robust.

However, the US Energy Information Administration figures show another increase in the crude stocks of the country due to the impact of Hurricane Harvey.

Gasoline stockpiles were down 8.4 million barrels for the week, the EIA said.

OPEC estimated supply from non-OPEC countries next year would rise by 1 million bpd, down 100,000 bpd from the previous forecast, citing downward revisions to Russian Federation and Kazakhstan.


"This is due to the shooting up of demand for prompt-loading barrels and amid increasing sentiment that the oil market will rebalance over the next year with a major drawdown in crude and product stocks", OPEC said in the report. The 14-member cartel pumped in 32.76 million barrels per day last month, representing a 79,100-barrel-per-day drop from July.

OPEC recently increased its projected demand for Europe and China while IEA increased projections for oil consumption globally, according to Jon Rigby, an analyst at UBS.

October West Texas Intermediate crude for October delivery jumped $US1.07, or 2.2%, to settle at $US49.30 a barrel in NY - the highest finish since August 9.

It also forecast oil demand in the Middle East to rise over 2016 levels, as economic momentum gains pace. Crude stockpiles rose by 5.9 million barrels during the same week, a result of lagging demand from recovering refineries in the wake of Harvey.


On Nymex, October gasoline fell about a penny to $1.647 a gallon, while October heating oil added 2.8 cents, or 1.6%, to $1.769 a gallon.

Global crude oil prices improved, as OPEC and non-OPEC countries continued to conform to voluntary output adjustments and U.S. stocks declined further, OPEC said.

A surge in crude oil prices, and energy names, led stocks to fresh all-time highs on Wednesday, Sept. 13, their second record-setting day in a row.

"We're all trying to make our way in this world of between $50 and $60 and I would expect that to continue". OPEC's own production is being watched closely as countries exempt from the cut - Libya and Nigeria - have boosted output more than expected this year.



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