Anyone check their gas futures stock in the past few days? You should’ve gotten a nice bump in trade – PB/TK
Crude slips, gasoline jumps as storm shuts a fifth of U.S. fuel output – By Alex Lawler (reuters.com)/ Aug 30 2017
LONDON (Reuters) – Crude oil slid and gasoline futures hit their highest since mid-2015 on Wednesday as flooding and damage from Tropical Storm Harvey shut over a fifth of U.S. refineries, curbing demand for crude while raising the risk of fuel shortages.
Refineries with output of 4.1 million barrels per day (bpd) were offline on Tuesday, representing 23 percent of U.S. production, Goldman Sachs said. Restarting plants even under the best conditions can take a week or more.
“It will be a while before operations can return to normal and the U.S. refining industry is bracing itself for an extended shutdown,” Stephen Brennock of oil broker PVM said.
Brent oil LCOc1, the international benchmark for crude trading, was down 52 cents at $51.48 a barrel by 1339 GMT. U.S. crude CLc1 fell 42 cents to $46.02.
Continue to reuters.com article: http://www.reuters.com/article/us-global-oil-idUSKCN1BA07E
