Title: Oil Prices Surge Past $75 as Hurricane Threatens Gulf Production

Oil prices soared past $75 per barrel on Tuesday driven by a combination of factors including the threat of another hurricane in the Gulf of Mexico, China's stimulus measures, and geopolitical tensions between Israel and Hezbollah. Brent crude reached this milestone for the first time in over three weeks.

The low crude oil inventories in Cushing, Oklahoma, further intensified concerns as stockpiles sat near their lowest levels in a decade at a mere 22.7 million barrels, significantly below the operational capacity of 78 million barrels. This raised fears of a potential supply crunch for refiners if the situation persists.

The launch of the Trans Mountain Expansion pipeline with a capacity of 590,000 barrels per day impacted Canadian oil flows to Cushing, limiting stock build-up over the summer. Alongside Enbridge's smooth operation of the US-bound Mainline system, the scarcity of barrels in Cushing widened the spread between NYMEX futures contract and WTI Houston quotes to $1.5 per barrel in September.

In other news, Nigeria's NNPC is reportedly in discussions with investors to revive the dormant Brass LNG project and potentially find partners for the mothballed Olokola LNG, signaling potential growth opportunities in the LNG sector. Additionally, US oil major Chevron stated its disinterest in new US liquefaction investments and ruled out involvement in the Driftwood LNG project as it explores other avenues to monetize gas resources.