Oil hits five-month highs as US producers cut output ahead of hurricane

first_imgUS producers cut crude output ahead of Hurricane Laura at a rate approaching the level of 2005’s Hurricane Katrina and also halted most oil refining along the Texas/Louisiana coast.Laura is expected to strengthen into a major hurricane with 115 mile per hour (185 kph) winds before it strikes the coast near the Texas-Louisiana border early Thursday, according to the US National Hurricane Center.On Tuesday, producers had evacuated 310 offshore facilities and shut 1.56 million barrels per day (bpd) of crude output, 84 percent of Gulf of Mexico’s offshore production, near the 90 percent outage that Katrina brought 15 years ago.“Today’s strength was again almost entirely attributable to storm concerns,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, noting the storm factor would likely overshadow the weekly storage report from the US Energy Information Administration (EIA). Analysts forecast US crude stockpiles fell for a fifth week in a row last week, according to a Reuters poll conducted ahead of reports from the American Petroleum Institute (API) at 4:30 p.m. (2030 GMT) on Tuesday and the government on Wednesday.“Overall, hurricanes may be limiting supply this week … but the market will soon again focus on the biggest hurricane of them all, COVID-19,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.Europe is seeing a rise in coronavirus cases, including re-infection. Two re-infections were reported in Europe and one in Hong Kong.Elsewhere, US and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal.Topics : Crude oil prices rose to a five-month high on Tuesday as US producers shut most offshore output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases in Asia and Europe capped gains.Brent futures LCOc1 rose 73 cents, or 1.6 percent, to settle at US$45.86 a barrel, while US West Texas Intermediate (WTI) crude CLc1 rose 73 cents, or 1.7 percent, to settle at $43.35.That was the highest closes for both benchmarks since March 5, the day before Saudi Arabia and Russia failed to agree on a new plan to cut output and about a week before the World Health Organization declared COVID-19 a pandemic.last_img read more


Canaan Academy students shine in state-level writing competition

first_imgKaren Wright & Zoi DelucioCanaan, In. — Two Canaan Community Academy have been recognized in the 28th Zaner-Bloser National Handwriting Contest. Students in kindergarten through second grade compete in the manuscript (print) category, while students in grades three through eight compete in the cursive category. All students write the required sentence, “The quick brown fox jumps over the lazy dog,” because it contains every letter of the alphabet. Judges select winners based on the shape, size, spacing and slant of their letters.First-grade teacher, Karen Wright was recognized, receiving an etched glass diamond. Her student, Zoi Delucio is the state level manuscript winner. She was presented with a medal commending her manuscript handwriting. Fourth-grade teacher, Angie Hutchinson, was recognized too. She also received an etched glass diamond award. Her student Kaylee Seebauer, is the state level cursive writing winner. She received a medal commending her cursive writing.Angie HutchinsonKaylee SeebauerThis is the fifth consecutive year that Canaan Cougars have been recognized as state-level winners.“Students who have legible handwriting gain lifelong advantages in their daily school work, on standardized tests, and throughout their high school, college and career experiences,” said Zaner-Bloser President Lisa Carmona. “Since we started this contest 28 years ago, the number of participants from schools across America has increased. That great response shows that teachers and their students recognize the advantages handwriting has on their overall academic success.”State level winners in each grade move on to the national competition, where they vie for the chance to be named the Grand National Champion.last_img read more