In Iraq, oil exports have been unaffected by an Islamist insurgency in the north. The country will ship 2.8 million barrels a day this month, close to a record high, loading programs obtained by Bloomberg show.
Arthur, the Atlantic’s first storm of the season, was about 150 miles (240 kilometers) south-southwest of Cape Fear, North Carolina, at 8 a.m. local time with top winds of 80 miles per hour, up from 75 mph earlier, according to a National Hurricane Center advisory.
Arthur would be the first hurricane to hit the U.S. since 2012. Its northward progress is forecast to block a cold front coming across from the west, touching off thunderstorms, gusting winds and possibly hail along the U.S. East Coast including the cities of New York, Boston and Washington.
“The immediate thing that is weighing on oil is the storm,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. “That’s depressing the price a little bit.”
Enterprise Products Partners LP and Enbridge Inc. said the 512-mile expansion of its Seaway oil pipeline is mechanically complete, more than doubling the system’s capacity to move oil south from the delivery point for WTI futures in Cushing, Oklahoma.
Enterprise looped the existing Seaway line with a parallel pipe, increasing capacity to the Houston area to 850,000 barrels a day, the companies said in a joint statement.
Inventories at Cushing dropped 1.36 million barrels last week to 20.5 million, the lowest level since 2008.
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