Crude dips, gasoline ascends as markets digest Hurricane Harvey impact

Crude dips, gasoline ascends as markets digest Hurricane Harvey impact

On Monday, crude prices tumbled, while gasoline futures inched up to their highest value since July 2015. It’s because energy markets processed the overall impact of Hurricane Harvey on the American Gulf Coast.

Harvey emerged over the weekend as perhaps the most powerful hurricane to affect Texas in more than 50 years, murdering at least two people, generating large-scale flooding. Another outcome includes the closure of Houston port and also several refineries.

On Monday, the US National Hurricane Center reported that Harvey was drifting away from the coast although it was supposed to head close to the shore through Tuesday. Additionally, floods would spread from Texas, making their way eastward to Louisiana.

Texas happens to be home to approximately 5.6 million barrels of refining capacity per day, while Louisiana boasts up to 3.3 million barrels. More than 2 million barrels a day of refining capacity were assessed to be offline due to the storm.

October delivery West Texas Intermediate crude futures hit $47.37 a barrel, losing 1%. Additionally, October delivery Brent futures went down 12 cents being worth $51.86 a barrel.


Gold declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…


Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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