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Oil Drifts Down on Friday as a Massive Sstorm Raced Inland Past The Heart of The U.S

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Oil prices fell on Friday as a massive storm raced inland past the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries. Hurricane Laura hit Louisiana early Thursday with 150 mph (240 kph) winds, damaging buildings, knocking down trees and cutting power to more than 650,000 people in Louisiana and Texas, but refineries were spared from feared massive flooding. U.S. producers had shut 1.56 million barrels per day of crude output, or 83% of the Gulf of Mexico’s production, while nine refineries had shut around 2.9 million bpd of capacity, or 15% of U.S. processing capacity, ahead of the storm. Late on Thursday, the Port of Houston, the top U.S. crude oil export hub accounting for about 600,000 barrels per day of shipments, was in the process of reopening to commercial shipping late Thursday.

TREND : WEAK BULLISH / SIDEWAYS

Time                                      :           28/08/2020

Pivot                                      :           42.93

Technical View                     :             LONG ABOVE 43.12

Target                                   :            43.33, 43.65, 44.05, 44.63

Technical View                     :             SHORT BELOW 42.73

Target                                   :            42.53, 42.27, 41.81, 41.29

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