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. Click Here to read more from OilPrice.com.
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. Click Here to read more from the Wall Street Journal.
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. Click Here to read more from CNBC.
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. Click Here to read more from the Weather Channel.