- While Hurricane Harvey sends gasoline futures prices soaring, U.S. crude oil -2.5% at $46.67 in volatile trading as diminished supply is more than offset by the hit to demand for crude by refinery shutdowns.
- Brent crude’s premium to WTI widened to the largest in two years, trading more than $5 above the U.S. marker, although the global benchmark also has been pulled lower, now -1% at $51.86/bbl.
- "The market expects that refineries will demand less oil as they take weeks, maybe longer, to come back on line,” said Phil Flynn, senior market analyst at Price Futures Group, in a note. “Brent crude on the other hand stayed stronger as the U.S. will demand product from Europe as well as some shut down of Libyan oil production over the weekend.”
- “We’ll see higher pump prices, but... the crude oil price is likely to remain more steady,” AME Group economist Mark Pervan tells Bloomberg. “We’re certainly looking at a slightly different market dynamic than we did last time we had a big weather event like this. The U.S. oil production landscape has moved more onshore essentially, away from the Gulf of Mexico."
- The U.S. government yesterday estimated nearly 380K bbl/day worth of crude production has been halted, equal to ~22% of current Gulf output, and Commerzbank (DE:CBKG) analysts say 300K bbl/day of land-based production also may be closed.
- ETFs: USO, UNG, OIL, UGAZ, UWT, UCO, DGAZ, DWT, SCO, BNO, BOIL, DBO, GAZ, DTO, USL, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM, OILK, WTIU, OILX, WTID, USOI, GAZB
- Now read: Monday Market Musings - Making Money On Misery
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Crude oil prices sink while gasoline soars
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