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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.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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