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Gasoline Logs Huge Gains, Battered Crude Oil Joins Rally

August 31, 2017 at 21:26 by Vladimir Vyun

Gasoline prices logged huge gains today. Gasoline was getting a huge boost from Hurricane Harvey, which has shut almost a quarter of US refining capacity. While some refineries are returning to work, it is hard to assess as of now how long it will take for things to return to norm and how much long-term damage the natural disaster has caused. September contract for delivery of RBOB gasoline surged as much as 13.54% to $2.1399 per gallon as of 21:13 GMT on NYMEX today.

Crude oil joined rally as well, posting significant gains, though they were not nearly as huge as the ones demonstrated by gasoline. Still, oil was on track to the worst monthly performance in more than a year. Futures for delivery of October WTI crude climbed 2.46% to $47.09 per barrel on NYMEX today. Brent crude added 2.99% to its value, trading at $52.38 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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