Oil higher for the third day
It's increasingly likely that Hurricane Irma will have some effect on offshore oil production as it appears to track towards Florida, or even skirting south of Florida.
That's close to a week away but with refiners beginning to come back online and high prices for gasoline, crude has rebounded to $48.58, up $1.29 today. More than half of the refineries that were shuttered are back online.
Goldman Sachs is also out with a note saying Hurricane Harvey reconstruction could prove positive for the oil market in a few months.
A good proxy for where the market thinks the storm could be headed is orange juice. Futures are up 6% today on worries that Irma could damage the Florida crop.
