Monday, August 28, 2017

Crude Oil prices declining due to Hurricane Harvey

"This is going to be a short-term event. Obviously there are going to be repercussions. What has happened, however ... it's put downward pressure on crude oil, which is confusing a lot of people. But when you think about it, the demand for crude is going to decline. At the same time, refiners are going to be curtailed, so you're going to see a shortage of gasoline and distillate. Gasoline futures are strong. Distillate futures are strong. But they're only strong in the very near buys." 

via CNBC