Oil prices move lower, but high volatility expected

1 Sep 2017   Prices

The amount of crude oil forced into storage facilities in the United States left the short-term market lopsided and pushed major benchmarks lower early Friday. Oil and gas infrastructure along the southern U.S. coast remains heavily impacted by the aftermath of now Tropical Depression Harvey. As much as 16 percent of total U.S. refining capacity is shut in by the storm, pipelines from the region are operating intermittently and the federal government was forced to release oil from its strategic reserves in order to offset the market strains. Nicole Leonard, a senior project consultant at S&P Global Platts, said in commentary emailed to UPI late Thursday that production was more or less back […]

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