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Groton Daily Independent
Friday, Aug. 25, 2017 ~ Vol. 25 - No. 056 ~ 63 of 65
Patrick DeHaan, an analyst with GasBuddy. “The good news is this isn’t Hurricane Katrina.”
That Gulf storm in August 2005 caused about a 40-cent increase overnight, DeHaan said. We might not know the full impact of Harvey until Monday, when re neries have had a chance to assess damage, which
could be caused by ooding or power outages, he said.
“We’ll see retail prices move up in every nook and cranny of the country through this very uncertain
weekend,” said Tom Kloza, an analyst with the Oil Price Information Service.
Kloza said an increase of 5 to 15 cents per gallon was most likely but a spike of up to 25 cents by Labor
Day was possible if the hurricane hits a re ning center.
Before the storm crept so close to the Texas Gulf Coast, the nationwide average price for a gallon of
regular gasoline rose a penny this week to $2.35, according to AAA. A year ago, the average price was $2.19 a gallon.
In the Gulf of Mexico, oil and natural gas operators have begun evacuating workers from offshore plat- forms.
The U.S. Bureau of Safety and Environmental Enforcement said that based on reports from operators at midday Thursday, workers had been removed from 39 platforms. The agency said that nearly 10 percent of oil production and 15 percent of natural gas output in the Gulf had been shut down.
Exxon Mobil shut down two of its platforms and was evacuating all personnel in the expected path of the storm, said spokeswoman Suann Guthrie. She said re neries were operating normally late Thursday.
Global stocks edge higher ahead of key Jackson Hole events By The Associated Press
LONDON (AP) — Stock markets around the world edged higher Friday ahead of a raft of speeches from top central bankers meeting in Jackson Hole, Wyoming.
KEEPING SCORE: In Europe, France’s CAC 40 was up 0.3 percent at 5,126 while the FTSE 100 index of leading British shares rose 0.4 percent to 7,435. Germany’s DAX was 0.4 percent higher at 12,223. U.S. stocks were heading for modest gains at the open with Dow futures and the broader S&P 500 futures up 0.2 percent.
CENTRAL BANKS: The main focus across all nancial markets is the symposium in Jackson Hole. The most watched events Friday will be speeches from Federal Reserve Chair Janet Yellen and European Cen- tral Bank President Mario Draghi. Though neither is expected to relay anything substantial on their path of their banks’ future intentions, investors know that they could spring a surprise and won’t want to be caught short ahead of the weekend. Traders will be monitoring the event to see if Yellen says anything about the prospects of a Fed rate hike later this year and if Draghi gives a hint as to when the ECB will start reining back its stimulus. Anything he says about the strong euro will also be of interest.
ANALYST TAKE: “The Jackson Hole Symposium is widely regarded as one of the most notable annual events, not only because of the speakers it attracts but also because it has been used as a platform to warn of upcoming policy announcements,” said Craig Erlam, senior market analyst at OANDA.
CURRENCIES: The foreign exchange markets will likely be the initial outlet for any unexpected comments from either central banker. Ahead of their speeches, trading was lackluster with the euro up 0.2 percent to $1.1820 and the dollar 0.1 percent rmer at 106.67 yen.
ASIA’S DAY: Japan’s benchmark Nikkei 225 edged up 0.5 percent to nish at 19,452.61. Australia’s S&P/ ASX 200 was little changed at 5,743.90. South Korea’s Kospi was up 0.1 percent at 2,378.51. Hong Kong’s Hang Seng gained 1.2 percent to 27,852.36, while the Shanghai Composite index was up 1.8 percent at 3,331.52.
ENERGY: Benchmark U.S. crude rose 31 cents to $47.74 a barrel, while Brent crude, the international standard, rmed 45 cents to $52.11 a barrel.