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Oil markets were volatile after Tropical Storm Harvey flooded the US Gulf Coast, closing Houston's port and several refineries. US gasoline hit two-year highs, while US crude fell on expected lower refinery demand, and Libyan pipeline blockades cut that OPEC state's output by nearly 400,000 barrels per day.
Over 2 million barrels per day of refining capacity offline lowers crude demand and raises product prices, shifting fuel costs for feed mills and haulers.
hydrocarbonprocessing.comAug 28, 2017After 19 past bearish logistics events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -6.6% to +2.3%), and +5.3% over 20.
After 22 past bullish logistics events, Crude Oil (Brent) moved a median -0.7% over 5 sessions (45% higher; middle half -5.7% to +4.5%), and -1.2% over 20.
After 113 past bullish logistics events, ULSD / Diesel moved a median +0.6% over 5 sessions (54% higher; middle half -2.8% to +4.2%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
