Crude ticks up, gasoline drops as refineries get back after Harvey

Crude ticks up, gasoline drops as refineries get back after Harvey

On Tuesday, crude prices ascended because demand picked up and American refineries started resuming operations.

Meanwhile, gasoline futures kept dropping because initial concerns of a serious supply crunch relieved.

October delivery West Texas Intermediate crude futures hit $47.55, soaring 0.5%. On Monday, American crude futures didn’t settle due to the Labor Day holiday in the USA.

Meanwhile, November delivery Brent futures sagged 0.2% in London, being worth $52.25 a barrel.

October delivery gasoline futures lost 1% trading at $1.674 a gallon, which is close to levels observed before storm system Harvey affected the US Gulf coast.

Last Thursday, prices leapt to a two-year maximum of $2.139 on concerns of supply shortages.

Pipelines, crude refineries and shipping channels across Texas and Louisiana started a gradual return of operations after a week ago Harvey impacted the heart of the American energy industry.


The US Payrolls Bring New Hope for Gold
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The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

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Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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