MTECHTIPS;-Crude gains in Asia as analyst see recovery by refiners in

MTECHTIPS;-Crude gains in Asia as analyst see recovery by refiners in sight

MTECHTIPS – Crude oil prices gained in Asia on Tuesday as the market works through the impact on the U.S. Gulf Coast refining and crude output sectors though a rebound is expected as the damage from the storm and flood get fixed. “It really does depend. Corpus could be back next week, Houston we don’t know, but in the next few weeks as things return to normal, we should see a little bit of a price bounce again,” said Matt Smith, an analyst with Clipper Data. On the New York Mercantile Exchange crude futures for October delivery rose 0.58% to $46.84 a barrel, while on London’s Intercontinental Exchange, Brent gaind 0.47% to $51.66 a barrel. Overnight, crude futures settled lower on Monday, as Tropical Storm Harvey continued to disrupt refinery activity along the U.S. Gulf coast, adding to fears of an uptick in crude oil supplies. Crude oil made a negative start to the week as flooding caused by the storm forced refiners in the Gulf of Mexico region to shutdown, sparking concerns over an excess in crude oil supplies, the primary input at refiners. It is estimated that approximately 331,370 barrels of oil per day (bpd), or 18.94%, of the current oil production of 1,750,000 bpd in the Gulf of Mexico has been shut-in, according to an update from the Bureau of Safety and Environmental Enforcement on Monday
MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips