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Crude Oil & Gasoline Retreat as US Refineries Struggle to Recover

September 1, 2017 at 17:20 by Vladimir Vyun

Crude oil backed off today after yesterday’s gains as many US refineries remained flooded and it may take a long time before US refining will return to full capacity. Even as Storm Harvey moved from the Gulf of Mexico, refineries were struggling with flooding as in some areas water continued to rise. The US government released 1 million barrels from the strategic reserves to a working refinery in Louisiana, tapping its reserves for the fist time in five years.

Meanwhile, futures for gasoline also retreated today. That happened even as retail prices for gasoline in the United States surged. The possible reason for the drop was profit-taking from speculators who wanted to cash in on the previous massive gains of the commodity.

October futures for WTI crude oil slid 0.36% to $47.06 per barrel as of 17:12 GMT on NYMEX today. November contract for Brent crude declined 0.68% to $52.50 per barrel on ICE. Futures for delivery of RBOB gasoline in October dropped 3.55% to $1.716 per gallon.

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