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Barchart
Barchart
Rich Asplund

Crude Falls on Little Hurricane Damage to Texas Oil Infrastructure

Oil Hurricane Texas United States OPEC

August WTI crude oil (CLQ24) today is down -0.33 (-0.40%), and Aug RBOB gasoline (RBQ24) is up +0.40 (+0.16%).

Crude oil and gasoline prices today are mixed, with crude falling to a 1-week low.  A stronger dollar today is weighing on crude prices.  Also, the landfall of Hurricane Beryl on Monday in Texas, with minimal damage to Texas oil infrastructure, has reduced supply concerns and is weighing on prices.  Losses in crude are limited by today's rally in the S&P 500 to a new record high, which shows confidence in the economic outlook that is positive for energy demand and crude prices.  Also, a decline in Russian crude exports is supportive of oil prices.  

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