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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.
On Thursday, the yellow metal headed south in Asia due to the fact that recent economic data indicated an improved economic surge outlook and also put pressure on the safe-haven commodity…
On Wednesday, gold was nearly intact, sticking with a four-month minimum because better-than-anticipated economic data from China kept global appetite for risky assets healthy and also tamed demand for havens…
On Tuesday, the yellow metal went down in Asia against the backdrop of more positive developments in the China-US trade negotiations…
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On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…
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