Oil prices were steady on Tuesday, as traders weighed up the dampening effect on demand of Hurricane Irma
Oil prices steady as traders assess U.S. hurricane impact – Oil prices were steady on Tuesday, as traders weighed up the dampening effect on demand of Hurricane Irma versus refinery restarts in the wake of Hurricane Harvey that should lead to more crude oil processing. U.S. refineries, including the largest U.S. refinery Motiva Enterprises [MOTIV.UL], have started to come back online. Motiva restarted production on Monday after being shut for about two weeks as Hurricane Harvey ripped through the U.S. Gulf coast. On Harvey’s heels, Hurricane Irma slammed into Florida on Sunday, leaving more than 7.4 million homes and businesses without power, but has since been downgraded to a tropical storm. U.S. crude inventories likely rose last week following the hurricane impact, while refined product stockpiles were forecast to have declined, a preliminary Reuters poll showed. “The market is looking for a significant build in oil inventories,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. “That’s not surprising given the disruption of refineries as consequences of hurricanes, so I guess there’s a bit of caution here.”
Gold Futures Continue Lower as Risk Sentiment Improves – Gold prices declined on Tuesday, extending losses from the prior session as worries faded over the potential damage of Hurricane Irma and as tensions on the Korean Peninsula took a backseat. Gold’s losses came as appetite for safe-haven assets eased amid relief that North Korea refrained from conducting a weapons test to mark the anniversary of the country’s founding. There had been speculation in the lead up to the weekend that North Korea could launch its next missile test then to celebrate the occasion. Risk sentiment received a further boost after Hurricane Irma struck the U.S. southeast with less force than once feared, scaling back estimates for economic damage. Despite losses, gold prices remained within sight of last week’s more than one-year high of $1,362.40. The precious metal has been well-supported in recent weeks amid concerns over geopolitical uncertainty on the Korean peninsula and reduced expectations of U.S. monetary policy tightening.
Peru Copper Shipments Fall to 2-Year Low in July – Latest data showed that Peru’s copper shipments tumbled by 32 per cent in July on a monthly basis, the lowest in nearly 2 years, Bloomberg reported. The sharp drop was due mainly to big waves which hit the country’s ports in July. The country’s copper production, however, changed little. Cesar perez-novoa from BTG Pactual said the gap between copper output and exports would reach 100,000 tonnes in August.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Our Some Best Services Read it Here…