Goldman: Post-Harvey Reconstruction To Boost U.S. Oil Demand

6 Sep 2017   USA

As devastating as Hurricane Harvey was to Texas, reconstruction is now expected to be ultimately positive for U.S. oil demand in a few months as fuel consumption is expected to increase as people rebuild homes, Goldman Sachs said in a report on Tuesday published by Bloomberg . “The potential for some U.S. onshore production curtailment and the likely demand recovery during the reconstruction suggest that the impact on the balance may become slightly positive after a few months,” Goldman analysts said in the report. “Such an outcome would ultimately be supportive of U.S. oil demand,” the investment bank noted. According to Goldman, more than half of the U.S. refining capacity that was shut down before and during Harvey would be back online by Thursday. Dry weather after the hurricane is also expected to reduce losses in gasoline and diesel demand. Last week, Goldman Sachs estimated that the U.S. oil […]

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