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Tropical storm Harvey projected to hit shore between Texas and Louisiana today

30 Aug 2017 08:52 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

Tropical storm Harvey projected to hit shore between Texas and Louisiana today.

Currently, just below 20% of US refining capacity is offline. Estimates project that 30% could come offline before the storm wears off. This number is, though, dependent on how quickly refineries away from the "danger zone" are able to go back online. But according to Reuters it could take weeks for a refinery to come back online.

Even though almost one fifth of the US refinery capacity is offline, the API reports a draw of 5.78 mbbl on US crude oil inventory in its weekly report published yesterday] This is a draw in the heavier end of the scale and would theoretically be bullish news, but still neither WTI or Brent prices seemed affected. Brent is still trading just below 52USD, and WTI fell to the lower third of 46USD. Additionally,Bloomberg estimated a draw of 1.75 mbbl.

Likely the stats from EIA later today will come out rather bearish than those of API, which likely will lead to Brent heading towards $50.

During this week, key macro-economic figures, such as PMI's, will be released, pointing towards where global demand is headed.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.




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