- U.S. gasoline futures fell for the first day since Harvey struck the Gulf coast oil industry, as some refineries restarted operations, while WTI crude oil prices ticked higher but finished with their fifth straight weekly decline.
- RBOB gasoline surged past $2/gal yesterday to hit a two-year high, capping its best weekly gain (+13.4%) since February, but pulled back 1.8% today to settle at $1.748/gal, as some refiners announce plans to restart facilities and some ports reopened; U.S. crude added 0.1% to $47.29/bbl.
- “Indications that a couple of Texas ports could be reopening and a couple of pipelines out of the Houston region could be stepping up flows is contributing to some profit taking across the energy spectrum today,” says Jim Ritterbusch, president of Ritterbusch & Associates.
- “There’s a lot of doom and gloom out there about their ability to come back from this, but in my experience, they come back a lot more quickly than people realize,” says Again Capital's John Kilduff. “The anxiety yesterday hit a crescendo and today we’re seeing it get dialed back.”
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, UGA, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
- Now read: Hurricane Harvey And The Impact On Oil
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Gasoline eases back on profit taking but +13.4% for the week
Published 09/01/2017, 03:18 PM
Gasoline eases back on profit taking but +13.4% for the week
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