Holiday Weekend Summary

Brent Prices Fall After North Korean Nuclear Test

While geopolitical threats typically cause demand to rise, a North Korean war would mostly affect demand, rather than supply, causing prices to fall as the threat escalates. Also, traders are moving to safer bets like gold, rather than oil, to protect against any risks.

Oil Prices Mixed as Some Refineries Come Back Online After Harvey

Prices are normalizing as refinery capacity comes back online post-Harvey. While 13% of refining capacity in the U.S. is offline, the figure is closer to 17% of refining capacity when including refineries that are only partially producing.

Colonial Delays Restart as Fuel Price Keep Rising after Harvey

The Colonial Pipeline, which originally planned to open its gasoline line between Houston and Louisiana on Sunday, is planning to restart the line today, hopefully bringing product into the Southeast by the end of this week or early next week. As more refineries come online in Houston, there’s more product available to be shipped into the pipeline system.

Irma Strengthens to Category 5

Hurricane Irma’s threat to the U.S. continues to grow, with the storm strengthening to a Category 5 today as it barrels towards the East Coast. The storm is currently expected to pass over the Caribbean islands before tracking north and striking the U.S. East Coast, or perhaps continuing through the Gulf and turning North to hit Mississippi. The storm’s path remains unknown, so continue monitoring the storm over the coming days as the path becomes better understood. Florida has already declared a state of emergency in response to the storm.