9/9/21, 9:51 AM Oil gains for 2nd session as lower U.S.

output supports By Reuters

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Oil gains for 2nd session as lower U.S. output

supports

© Reuters. FILE PHOTO: A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver

By Naveen Thukral

SINGAPORE (Reuters) -Oil prices rose for a second session on Thursday, recovering from earlier losses as a decline in U.S. Gulf of
Mexico output following damages from Hurricane Ida underpinned the market.

Brent added 23 cents, or 0.32% to $72.83 a barrel at 0221 GMT and West Texas Intermediate (WTI) crude rose 15 cents, or 0.22%, to
$69.45 a barrel.

"U.S. production is struggling to recover from Hurricane Ida," ANZ said in a note. "Extensive damage to infrastructure and power
outages mean Ida has knocked off more supply after nine days than any other storm."

About 77% of U.S. Gulf production remained offline on Tuesday, or about 1.4 million barrels per day (bpd). The market has lost about
17.5 million barrels of oil so far.

The Gulf's offshore wells make up about 17% of U.S. output.

U.S. crude oil production is expected to fall by 200,000 barrels per day in 2021 to 11.08 million bpd, the U.S. Energy Information
Administration (EIA) said on Wednesday, noting that Hurricane Ida should force a bigger decline than its previous forecast for a drop of
160,000 bpd.

American Petroleum Institute (API) data showed that crude drawdown for the week ended Sept. 3 was smaller than expected in a
Reuters poll, but gasoline and distillate drawdowns were bigger than expected.

API data showed U.S. gasoline stocks fell by 6.4 million barrels for the week ended Sept. 3, while crude stocks dropped by 2.9 million
barrels.

U.S. distillate stocks fell by 3.7 million barrels over the same week, API data showed.

On Wednesday, oil was also supported as protesters in Libya blocked oil exports at Es Sider and Ras Lanuf, an oil engineer at each of
the ports said, although other engineers said production at fields that supply the terminals was unaffected.
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9/9/21, 9:52 AM Oil gains for 2nd session as lower U.S. output supports By Reuters

New York sets 2035 zero-emission passenger car goal

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By Reuters - Sep 08, 2021
1
By Daniel Trotta and David Shepardson (Reuters) - New York Governor Kathy Hochul on Wednesday signed
into law a bill that sets a goal for all new passenger cars and light-duty...

Oil Advances With Ida’s Impact on U.S. Offshore Supply Lingering

By Bloomberg - Sep 08, 2021
(Bloomberg) -- Oil advanced amid a slow resumption of U.S. production halted by Hurricane Ida more than a
week ago. 
Futures in New York settled 1.4% higher on Wednesday. About 77%...

Oil Holds Gain With Hurricane Impact on Supply Still Lingering

By Bloomberg - Sep 08, 2021
(Bloomberg) -- Oil was steady above $69 a barrel as the slow return of U.S. output halted by Hurricane Ida more
than a week ago tightened the market.
Futures in New York advanced...

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