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US oil rises as gasoline prices fall
05/09/2017
US oil prices rose on Tuesday as gasoline prices plummeted to their pre-hurricane levels as refineries and pipelines on the Gulf Coast resumed operations, easing concern over supplies.
US benchmark WTI ended the session up 8 cents to $ 47.37 a barrel, buoyed by a recovery in demand after it was hit by a decline in refining activity since Harvey hit land on Aug. 25.
Brent crude fell 41 cents to settle at $ 52.34 a barrel, partly because investors shifted from crude to safer assets, such as gold, after North Korea conducted a new nuclear test.
Nymex gasoline futures fell 3.28 percent to $ 1,6906 a gallon from their August 25 highs.
Harvey's damage to oil infrastructure in the Gulf Coast region seemed less expensive than some thought.
A number of major refineries, which turn crude oil into refined products such as gasoline and jet fuel, as well as distribution pipelines, resumed work on Monday.
At the same time, about 5.5 percent of US oil production in the Gulf of Mexico, or 96,000 bpd, remained on Sunday, down from a peak of more than 400,000 bpd last week.
http://aletejahtv.org/permalink/179870.html
05/09/2017
US oil prices rose on Tuesday as gasoline prices plummeted to their pre-hurricane levels as refineries and pipelines on the Gulf Coast resumed operations, easing concern over supplies.
US benchmark WTI ended the session up 8 cents to $ 47.37 a barrel, buoyed by a recovery in demand after it was hit by a decline in refining activity since Harvey hit land on Aug. 25.
Brent crude fell 41 cents to settle at $ 52.34 a barrel, partly because investors shifted from crude to safer assets, such as gold, after North Korea conducted a new nuclear test.
Nymex gasoline futures fell 3.28 percent to $ 1,6906 a gallon from their August 25 highs.
Harvey's damage to oil infrastructure in the Gulf Coast region seemed less expensive than some thought.
A number of major refineries, which turn crude oil into refined products such as gasoline and jet fuel, as well as distribution pipelines, resumed work on Monday.
At the same time, about 5.5 percent of US oil production in the Gulf of Mexico, or 96,000 bpd, remained on Sunday, down from a peak of more than 400,000 bpd last week.
http://aletejahtv.org/permalink/179870.html
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