WorldOil Oil traders empty key crude storage hub as global demand booms Oil traders are emptying one of the world’s largest crude storage facilities, located near the southernmost tip of Africa, as the physical market tightens amid booming demand and OPEC production cuts. OPEC has success at last, but oil revival may be short-lived When OPEC and its allies gather this week, they’ll have the best evidence yet that their efforts to clear a global oil glut are succeeding. It may prove short-lived. Crude rises above $50/bbl on prospect of more OPEC action Crude extended gains above $50/bbl in New York as the prospect of OPEC taking further steps to clear a global supply glut. Oil hits another wall, fails to sustain rally above $50 Oil hit a wall again, failing to sustain a rally above $50/bbl for a third straight session. Algeria to lean on central bank to plug deficit amid oil slump Algeria’s prime minister laid out a sweeping plan to plug the budget deficit that would include direct borrowing from the central bank, as the OPEC member looks to compensate for lower oil revenue without tapping international debt markets. Hedge funds bet on fuels over crude as storm trade persists Since the storm battered the heart of America’s refining industry last month, bets on rising gasoline and diesel prices have surged for three straight weeks to the most bullish in years. But when it comes to West Texas Intermediate crude, skepticism is prevailing. Crude trades near $50/bbl after decline in U.S. drilling Oil traded near $50/bbl in New York, close to a three-month high, as a further reduction in U.S. drilling added to signs the global crude surplus is abating. IEA sees risk of volatile oil prices on weak upstream investment A dearth of new investment in oil production is stoking a risk of tighter crude supply and unstable prices, even as demand growth is expected to slow over the next five years, a senior International Energy Agency official. EIA: Natural gas spot prices at Henry Hub decrease in days following Hurricane Harvey In the days following Hurricane Harvey’s landfall on the Texas Gulf Coast as a Category 4 storm on Friday, Aug. 25, 2017, prices at the Henry Hub in Louisiana—generally considered the U.S. price—actually decreased. Oil heads for best week since July as demand forecasts improve Oil was on track to post its biggest weekly gain since late July as Texas refineries recovering from Hurricane Harvey processed more crude and global demand forecasts brightened.