Hello Traders everywhere. Crude oil has fallen more than 3% triggering a new red weekly Trade Triangle. The cause of the decline is, of course, Hurricane Harvey. Gasoline prices surged to a two-year high as Harvey kept hammering away on the U.S. Gulf Coast, knocking out several refineries which have and will continue to disrupt fuel production.
The reduce input of oil into those refineries will cause a rise and back-up in oil supplies, increasing the supply glut.
Our thoughts and prayers go out to everyone in the Gulf Coast area. If you’d like to make a donation to help you can reach out to the American Red Cross here.
Key levels to watch next week:
S&P 500 (CME:SP500): 2,490.87
Dow (INDEX:DJI): 22,179.11
NASDAQ (NASDAQ:COMP): 6,423.35
Gold (NYMEX:GC.Z17.E): 1,281.30
Crude Oil (NYMEX:CL.U17.E): 48.20
U.S. Dollar (NYBOT:DX.U17.E): 94.05
Article courtesy of Reuters