Crude oil price rebound, gasoline price declines as U.S refineries on Gulf coast restart

Crude oil saw a steady rise in price whereas Gasoline prices sharply declines upto 3% on Tuesday, a major setback after Gulf Coast was shut down due to Hurricane Harvey. This cause huge rise in demand for crude across the nation and eased fears of fuel supply crunch.

Texas is recovering in fast pace from damage caused by Hurricane Harvey, as this hits coast by 25th August. All through these moments Hurricane hits one fourth of refinery capacity also caused damages to oil pipelines ,shipping channels etc.

West Texas Intermediate crude oil for October delivery CLV7, +2.60% advanced 54 cents, or 1.1%, to $47.83 a barrel, it is set to be highest track since 25th August.

US oil refinery of about 2.1 million barrel refining capacity per day was shut down on Monday stated by Department of Energy.US Gasoline futures dropped to about 3 percent about 1.70 USD per gallon .

The present situation in US possibly shows that petroleum exporting countries could extend its support even after first quarter of 2018 also it is important to remember that Labor Day on Monday marked the end of the summer driving season in the U.S.
so the market focus is likely to move away from gasoline again. hence little attention should be paid in the next few weeks to reports of crude and oil product stocks and trade given the numerous short-term disruptions