Economics
Oil Gains as Irma Impact Less Than Feared, Gulf in Repair Mode
- Hurricane Irma weakens after making landfall as Category 4
- Gulf Coast refiners work to bring plants back to normal rates
Osmar Abib: No Near-Term Oil Stockpile Reduction
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Oil advanced as the market shrugged off Hurricane Irma’s effect on demand, with the Texas Gulf Coast repairing itself after Harvey.
Crude jumped 1.2 percent in New York. Gulf Coast refiners hit by Harvey have managed to get most plants back on their feet in a region that processes about half the nation’s crude. Gasoline futures, meanwhile, declined amid concerns that demand would weaken as Irma, now a tropical storm, continues to roll north through Florida.