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Crude gains $0.30

Posted on: October 10, 2017

WTI fared well amid Hurricane Nate's path across the US Gulf Coast over the weekend, which initially put oil producers at risk of shutting down, but thankfully energy infrastructure damage was limited; with the potential disaster avoided after Nate was downgraded to a Tropical Storm we turn our attention to the EIA weekly forecast which consensus has so far estimated to be a medium draw.

Whether or not this comes to fruition we will have to wait and see tomorrow. Additionally, refiners have almost reached full capacity in Texas after Hurricane Harvey made it's devastating impact. WTI settled at $49.58 for the day.

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