Energy analysts reckon that even though many refineries and pipelines taken temporarily offline by Harvey were restarting operations, it would take a few more weeks before US oil infrastructure was back to full capacity. Reuters estimates suggest that about 3.800 million barrels of daily refining capacity, or nearly 20.00% of available volume, was shuttered, with many other facilities running at reduced processing rates.
Fuel storage data from the American Petroleum Institute due later should give a better view of the extent of Harvey’s impact on US fuel stockpiles. Official inventory figures from the US Energy Information Administration are scheduled for Thursday. Brent crude for November delivery rallied 2.00% a session earlier to end Tuesday at $53.38 per barrel - topping the $53-mark for the first time since May.
Oil Prices Pullback After Sharp Rally
Daily Analysis - 06/09/2017