Harvey is hurting crude
Consumers don't buy crude oil, refineries do. With the Texas gulf coast shut down due to Harvey, demand for West Texas Intermediate oil has vanished.
WTI is down $1.14 to $46.74. About 80-cents of that was in the past hour. In the bigger picture, the mid-August low of $46.46 is now within striking distance.
It's not just the front month that's struggling though. Crude futures through next year are getting battered.
That argues this is more of a demand story but there are too many moving parts in the oil market to draw any conclusions.
One side-effect is that USD/CAD has rebounded all the way back to unchanged after challenging the July lows earlier today.
