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Crude oil moves higher as gasoline prices are crushed

Published 09/05/2017, 08:15 AM
© Reuters.  Crude oil moves higher as gasoline prices are crushed
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  • U.S. crude oil futures are on the rebound this morning as U.S. refineries begin to come back online following hurricane Harvey, while gasoline prices are tumbling following a two-year high last week; U.S. October crude +1.2% to $47.88/bbl while October RBOB futures -4.2% to $1.6743/gal.
  • As the refineries continue to come back online, there will likely be increased demand for crude, and driving season also is coming to a close after the holiday weekend, further decreasing demand for gasoline; the Colonial Pipeline, the largest U.S. refined products pipeline, is set to restart shipments today, allowing refined products to be transported from Texas to the eastern U.S.
  • Reconstruction in the aftermath of Hurricane Harvey could boost fuel use in the months ahead and prove positive for the oil market, Goldman Sachs (NYSE:GS) says, although looming Hurricane Irma could crimp demand.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, UGA, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
  • Now read: Long USO With A Tight Stop

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