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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 NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…