Twin Storms Target the Gulf Coast but Gains Capped by Coronavirus Fears
Yesterday, WTI crude closed slightly higher as the gulf coast prepares for two storm systems to hit this week. In Houston, on Monday prepeparations for the storms began in earnest, as the largest refinery in the US began the process of shutting down. Motiva Enterprises said shutting down their 607 Kbpd refinery in Port Arthur, TX could take several days. Meanwhile the twin storms continue to barrel towards the Gulf Coast. Upward price action has been muted by coronavirus worries.
In Hong Kong, the first case of human reinfection with the coronavirus has been documented. A man who had previously been infected and recovered four months ago was reinfected again recently. This calls into question claims of resistance built up after being sick and how long immunity to the virus may last.
In Europe, a recent spike in infections is a cause for concern. Per capita infection rates in Spain are higher than those in the US, but the US continues to lead the world in number of cases.
In early trading today, crude prices are up. Crude is currently trading at $43.34, a gain of 72 cents.
Fuel prices are up this morning. Diesel is trading at $1.2685, a gain of 2.1 cents. Gasoline is trading at $1.4332, a gain of 6.6 cents.
This article is part of Daily Market News & Insights
Tagged: coronavirus, Gulf Coast, hurricane, Storm
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