After 5 winning sessions, the return of US supplies brings oil prices down

Oil prices fell Friday as energy companies in the Gulf of Mexico region of the United States resumed production after two consecutive hurricanes in the region shut down production.

THE future on Brent crude oil they fell by 33 cents to $ 75.34 per barrel. US West Texas Intermediate crude futures fell 64 cents to stand at $ 71.97 a barrel.

During the week, Brent grew by 3.3%. US crude rose 3.2%, supported by limited supplies caused by supply disruptions due to the hurricane.

Friday’s drop came after 5 consecutive earnings sessions for Brent. On Wednesday, Brent crude reached its highest level since late July and US crude oil hit its highest level since early August.

“The reason why oil prices have reached such high levels in recent days is clearly the supply disruption and the decline in inventories, so now that US oil production is back, oil is falling as expected. “said Nishant Bhushan, oil market analyst at Rystad Energy.

Crude oil exports from the Gulf coast are starting to flow again after hurricanes Nicholas and Ida exhausted 26 million barrels of offshore production.

And Reuters reported Thursday that the recovery in activity continued with the suspension of about 28% of US crude oil production in the Gulf of Mexico.

US energy companies this week added oil and natural gas platforms for the second consecutive week, although the number of offshore units in the Gulf of Mexico remained unchanged after Hurricane Ida hit the coast more than two weeks ago.

Energy services company Baker Hughes said 14 offshore platforms in the Gulf of Mexico closed two weeks ago due to the continued shutdown caused by the IDA. Last week, four offshore platforms returned in service.

Baker Hughes said the number of oil and gas platforms, an early indicator of future production, rose from nine to 512 in the week through September 17, the highest level since April 2020.

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