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Crude futures ended higher on Friday as Hurricane Harvey threatened Gulf production, with about 25 percent of US Gulf offshore output shut in. WTI settled at $47.87 and Brent at $52.41, though crude still posted a fourth straight weekly loss.
Gulf of Mexico shut-ins tighten crude supply, but weak refinery demand limits the price gain, so energy costs for feed production remain volatile.
finance.yahoo.comInvesting.comAug 27, 2017After 40 past bullish weather events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% over 20.
After 24 past bullish weather events, Crude Oil (Brent) moved a median +2.8% over 5 sessions (67% higher; middle half -1.9% to +5.2%), and +6.3% 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.
