Oil markets roiled as Hurricane Harvey hits U.S. petroleum industry - 28 Aug 2017

Commodity Intraday Tips
Gold gains in Asia as weaker dollar aids buying, Wyoming disappoints.  
Gold prices gained slightly in Asia on Monday as investors noted the weaker dollar as central bank chiefs in Wyoming dodged policy discussions and the impact of Hurricane Harvey on the U.S. growth outlook was under review. This week, Friday’s U.S. jobs report for August is in focus to gauge how it will impact on the path of Fed policy. Traders will also be closely watching a revised reading of U.S. second quarter growth. Financial markets in the UK are closed on Monday. Last week, gold prices ended higher in a volatile session on Friday, reversing earlier losses as the U.S. dollar weakened after Federal Reserve Chair Janet Yellen's speech at Jackson Hole didn’t specifically address monetary policy. The dollar index has fallen around 10% so far this year amid ongoing uncertainty over the economic agenda of U.S. President Donald Trump and doubts that the Fed will deliver a third rate hike this year.  

Aluminum Price Rise Cycle Just Begins.   
While aluminum prices corrected down recently, the correction is reasonable following big price gains, according to a report issued by Nonferrous Metals Research Team of Huatai Securities on August 28. Bulls Watch Out: Aluminum Stocks in China Exceed 1.5 Million Tonnes, SMM Warns.  

Jinchuan Group Cuts Nickel Price by 1,100 yuan.  
Jinchuan Group reduced nickel ex-works price by 1,100 yuan per tonne on Monday. China Nickel Ore Port Inventories Grow after Big Drop, SMM Reports. After the cut, ex-works price was 91,400 yuan per tonne (nickel plate), and 92,600 yuan per tonne (small ones, in barrel), respectively. Macro front will be relatively quiet today. LME is closed today for Bank Holiday. Investors are actively opening short positions on the most active SHFE nickel contract. NPI traders in spot market will sell at highs.  
Oil markets roiled as Hurricane Harvey hits U.S. petroleum industry. 
Oil markets were roiled on Monday after Hurricane Harvey wreaked havoc along the U.S. Gulf coast over the weekend, knocking out numerous refineries and some crude production. Gasoline prices hit two-year highs as massive floods caused by the storm forced refineries across the U.S. Gulf Coast to shut down. In crude markets, Brent futures were pushed up by pipeline blockades in Libya, but U.S. crude futures eased as the U.S. refinery shutdowns could reduce demand for American crude. Harvey came ashore over the weekend as the most powerful hurricane to hit Texas in more than 50 years, killing at least two people, causing large-scale flooding, and forcing the closure of Houston port as well as several refineries. "It may well be that the market feels the choke point in petroleum's value chain is not (crude) production, but refined products," Halley said.  

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