Will Hurricane Harvey Send Oil Prices Higher?

http://www.elliottwave.com/Investor-Research/Financial-Forecast-Service?tcn=ytv1703
Many energy market observers expected Hurricane Harvey’s disruption of U.S. oil refining around the Texas Gulf Coast to send oil prices higher. But you might be surprised at what happened in the aftermath of an even more powerful Hurricane Katrina. Take a look at this chart.

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The price of has tumbled to its lowest level since November of last year. In Asian trading, the international benchmark Brent Crude was under a barrel. Prices have been sliding in recent days over fears oversupply is returning to the market. Also today, George Clooney’s tequila bonanza.

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5 thoughts on “Will Hurricane Harvey Send Oil Prices Higher?”

  1. I did my own quick checking on Google about the effect of Katrina on oil prices. Everything I found was within a few days of the aftermath the of the storm. Since the quote has no date on it, it is not clear if the denial of the reversal attested to in the commentary is accurate. Perhaps they simply made a bad forecast. Also since the chart has no pre Katrina wave count it is not clear EW called the top.

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