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Crude falls as US oil sector suffers from Harvey
Crude futures fell on Friday to lose part of the big gains of the previous session amid continuing suffering in the oil sector following Hurricane Harvey, who stopped about a quarter of US refining capacity.
At 0641 GMT, the WTI crude was down 35 cents, or 0.7 percent, at $ 46.88 a barrel. Crude was rebounding on Thursday, rising 2.8 percent but still losing a weekly 2 percent.
New Brent crude for November delivery fell 21 cents, or 0.4 percent, to $ 52.65 a barrel. The October delivery contract, which ended on Thursday, closed up $ 1.52, or 2.99 percent, at $ 52.38 a barrel.
US gasoline contracts rose more than 28 percent to a two-year high of over $ 2 a gallon, fueled by fears of fuel shortages just days before the US business holiday, which is seeing a significant increase in flights.
The gasoline contract for September delivery closed 25.52 cents, or 13.5 percent, at $ 2.1399 on the last trading day of the contract. The October contract fell 0.6 percent to $ 1.7684.
"Everyone seems to think the hurricane will affect refining more than production," said Tony Nunan, director of oil market risk at Mitsubishi Corp. "Production will return faster than refining, so all it will do is aggravate the oil supply situation."
Hurricane Harvey killed more than 40 people and caused huge flooding at the US oil hub in Texas, crippling at least 4.4 million bpd of refining capacity, according to corporate reports and Reuters estimates.
http://economy-news.net/content.php?id=8877
Crude futures fell on Friday to lose part of the big gains of the previous session amid continuing suffering in the oil sector following Hurricane Harvey, who stopped about a quarter of US refining capacity.
At 0641 GMT, the WTI crude was down 35 cents, or 0.7 percent, at $ 46.88 a barrel. Crude was rebounding on Thursday, rising 2.8 percent but still losing a weekly 2 percent.
New Brent crude for November delivery fell 21 cents, or 0.4 percent, to $ 52.65 a barrel. The October delivery contract, which ended on Thursday, closed up $ 1.52, or 2.99 percent, at $ 52.38 a barrel.
US gasoline contracts rose more than 28 percent to a two-year high of over $ 2 a gallon, fueled by fears of fuel shortages just days before the US business holiday, which is seeing a significant increase in flights.
The gasoline contract for September delivery closed 25.52 cents, or 13.5 percent, at $ 2.1399 on the last trading day of the contract. The October contract fell 0.6 percent to $ 1.7684.
"Everyone seems to think the hurricane will affect refining more than production," said Tony Nunan, director of oil market risk at Mitsubishi Corp. "Production will return faster than refining, so all it will do is aggravate the oil supply situation."
Hurricane Harvey killed more than 40 people and caused huge flooding at the US oil hub in Texas, crippling at least 4.4 million bpd of refining capacity, according to corporate reports and Reuters estimates.
http://economy-news.net/content.php?id=8877
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