By September 12, 2017 0 Comments Read More →

What’s Holding US Crude Oil below the $50 Mark?

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On September 1–8, 2017, US crude oil (USO) (USL) October futures rose 0.4% and closed at $47.48 per barrel on September 8, 2017. Last week, most of the refineries located in the Gulf Coast restarted their operations after Hurricane Harvey, which supported US crude oil prices last week.

However, Hurricane Irma hit Florida on September 10, 2017. It could reduce the gasoline demand because of supply disruptions. Hurricane Irma could hold US crude oil below the $50 mark.

Hurricane Irma could also impact US crude oil imports. On September 8, 2017, the Brent-WTI spread rose to $6.3 per barrel—the highest level since August 20, 2015. In the past five trading sessions, Brent crude oil (BNO) active futures rose 2% and outperformed US crude oil prices…

 

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Posted in: Daily News

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