Oil Gets Ready For New Highs
Brent is nearing strong resistance around 53.60, failing to break the level from the first time yesterday.
The level already was tested on August, 10, but the breakthrough has not succeeded triggering the further 7.2% plunge of Brent prices. Will it be the same scenario this time? Not a sure thing.
Harvey played its role in Brent rise – it make take time before the refineries, pipelines and ports knocked out by the hurricane restore the normal capacity. By the time of writing, about 20% of daily refining capacity was shut.
And there is another test for American refineries in store, as Hurricane Irma of Category 5 is moving towards the Caribbean and Florida with potential to knock out some more refineries.
Today, the American Petroleum Institute (API) storage data is released, and it may prove that Harvey had a disastrous impact on the fuel reserves. If the number is sharply below expectations, it may drive Brent higher above 53.60 resistance targeting 54.30 initially.
The level already was tested on August, 10, but the breakthrough has not succeeded triggering the further 7.2% plunge of Brent prices. Will it be the same scenario this time? Not a sure thing.
Harvey played its role in Brent rise – it make take time before the refineries, pipelines and ports knocked out by the hurricane restore the normal capacity. By the time of writing, about 20% of daily refining capacity was shut.
And there is another test for American refineries in store, as Hurricane Irma of Category 5 is moving towards the Caribbean and Florida with potential to knock out some more refineries.
Today, the American Petroleum Institute (API) storage data is released, and it may prove that Harvey had a disastrous impact on the fuel reserves. If the number is sharply below expectations, it may drive Brent higher above 53.60 resistance targeting 54.30 initially.
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