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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 Monday, gold managed to ascend from one-week minimums in subdued Monday trade due to the fact that market participants waited for what’s widely anticipated to be the Fed’s third interest-rate lift of 2018 this week…
On Friday, gold declined, simultaneously trying to preserve its weekly profits because the USD index jumped, offsetting its abrupt weekly dive…
On Thursday, gold declined notwithstanding a weakening evergreen buck in the face of ebbing trade fears, as market participants waited for economic data later in the trading session and also looked ahead to the Fed’s policy gathering next week…
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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