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Hurricane Nate Heads For Gulf Coast: Goldman Projects Dramatic Refining Slowdown

Hurricane Nate Heads For Gulf Coast: Goldman Projects Dramatic Refining Slowdown

Confirming an earlier projection by Accuweather that showed Hurricane Nate will likely make landfall as a cateogry one storm somewhere between Louisiana and the Florida panhandle on Sunday, the NHC has issued a hurricane warning - the highest-priority of the agency's alert levels - for a broad swath of the Southern US stretching from Grand Isle Louisiana to the Florida-Alabama border.

Crude Slides After Kuwait Strikes Ends; China Markets Tumble

Crude Slides After Kuwait Strikes Ends; China Markets Tumble

The biggest catalyst for overnight markets, first reported on this site, was the announcement by Kuwait that its oil workers had ended their strike which disrupted oil production in the 4th largest OPEC producer for 3 days cutting it by as much as 1.7 mmb/d, and had served to offset the negative news from the Doha debacle. Kuwait Petroleum also added that it would boost output to 3m b/d within 3 days, which in turn has pressured the price of oil overnight, and the May WTI contract was back to just over $40 at last check, sliding 2%.