- The Nymex benchmark gasoline contract reformulated blendstock is up 4% to $1.60/gal after Harvey knocked out ~15% of U.S. refinery capacity with the extent of the damage still unclear.
- “It will probably be a couple of days before we get clarity on the duration of closures,” says Ric Spooner, chief markets strategist at CMC Markets, adding that near-term prices should remain volatile as investors focus on storm damage.
- Traders and analysts say the first signs of a global impact was gasoline from Asia being diverted to the U.S.
- Goldman Sachs (NYSE:GS) analysts say gasoline and distillate product refining margins likely will rise further in the wake of Harvey, which is expected to dump ~50 in. of rain in parts of Texas throughout the week.
- Using past hurricanes as a guide, Goldman estimates the storm would increase U.S. crude oil availability by ~1.4M bbl/day because of refinery shut-ins, but gasoline supplies would be cut by 615K-785K bbl/day and distillate supplies by 700K bbl/day.
- ETFs: XLE, VDE, ERX, OIH, ERY, DIG, UGA, BGR, FENY, DUG, IYE, FIF, RYE, PXJ, FXN, CRAK, DDG, NANR, JHME, ERYY, FTXN, ERGF
- Now read: Energy Stocks Conundrum: What's It Going To Take?
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Gasoline futures +4% in volatile trade as refiners assess Harvey damage
Published 08/28/2017, 08:24 AM
Gasoline futures +4% in volatile trade as refiners assess Harvey damage
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