Following WTI crude's drop yesterday - apparently on reduced refinery demand due to Hurricane Harvey - RBOB gasoline is now tumbling, erasing yesterday's Harvey-related gains, as traders realize the short-term supply disruptions are offset by significant inventories.
Hurricane Harvey, which until this morning a Tropical Storm, is now set to be the first hurricane to strike the Texas coast since 2008. According to the NHS, which issued a hurricane warning from Port Mansfield to Matagorda, TX including Corpus Christi, Harvey is "rapidly intensifying", and is forecast to be a "major hurricane."
Authored by Adam Taggart via PeakProsperity.com,
Remember the crisis earlier this year at the Oroville Dam?
The overflow from California's winter of heavy rain threatened to overpower our country's tallest dam. A cascading failure of the dam's main gates, its primarily spillway AND its emergency spillway had the world watching hour by hour to see if a catastrophic breach was going to occur.
One day after the US Navy announced it was placing global operations and patrols on temporary hold as it investigates the cause for the second deadly warship crash in two months, Navy and Marine Corps divers searched on Tuesday for 10 sailors missing from the USS John S. McCain which collided with a merchant ship near Singapore. According to the Navy’s Pacific Fleet Commander, at least one body and other unidentified remains have been found as the search so far.
Photos and videos have emerged from the early Monday collision involving the guided-missile destroyer USS John McCain and an oil/chemical tanker called the Alnic MC. As reported late on Sunday, five sailors were injured in the collision, which occurred east of the Strait of Malacca, and a search is underway for 10 more who remain missing.