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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (66768)	8/30/2019 2:54:07 PM
From: Goose94	Read Replies (1) of 202373

Crude Oil: looked set for their biggest weekly gain since July, but demand fears caused by Hurricane Dorian hitting Florida sent prices crashing on Friday morning. Oil prices were pushed up this week by cautious language from the U.S. and China, falling oil inventories, and also by a major Hurricane heading for the U.S. southeast. Despite an apparent cooling in the trade war, already-announced tariffs are set to jump on Sunday. “Upside momentum should not be taken for granted. Recession fears are casting a shadow on sentiment and oil prices should keep dancing to the tune of the U.S.-China trade saga,” Stephen Brennock of oil broker PVM told Reuters. Hurricane Dorian, which could yet strengthen to a powerful Category 4, is heading for Florida. “There’s a storm premium in the WTI price,” Phil Flynn, an analyst at Price Futures Group in Chicago, told Reuters. “The track of the storm is kind of dangerous for Gulf of Mexico production.” The storm could impact fuel supplies in Florida at the retail level. Florida is not an oil producer. The storm is expected to turn up the Atlantic Coast, so Gulf of Mexico production probably won’t be impacted. There could be a significant demand impact though.

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