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Crude oil price response to Hurricane Harvey muted; gold breaks psychological barrier of US$1,300; Singapore dollar at new high

Jeffrey Tan
Jeffrey Tan9/4/2017 08:00 AM GMT+08  • 7 min read
Crude oil price response to Hurricane Harvey muted; gold breaks psychological barrier of US$1,300; Singapore dollar at new high
(Sept 4): Crude oil prices remained stubbornly range-bound between US$45 and US$55 a barrel, despite a cut in US supply wrought by the onslaught of Hurricane Harvey in Texas. On Aug 29, the West Texas Intermediate crude for October contract traded at US$4
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(Sept 4): Crude oil prices remained stubbornly range-bound between US$45 and US$55 a barrel, despite a cut in US supply wrought by the onslaught of Hurricane Harvey in Texas. On Aug 29, the West Texas Intermediate crude for October contract traded at US$46.44 a barrel, while Brent crude traded at US$52 a barrel.

According to S&P Global Platts, roughly 2.33 million barrels per day of Texas refining capacity remained down. This represents 12.6% of US capacity. But the figure could be higher as refiners are underutilising their capacity. “Assuming the plants cutting runs are operating at 50%, that would put the total loss at 3.36 million bpd, or 18% of total US capacity,” it says in an Aug 29 report.

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