Hurricane Harvey – What You Need to Know

Hurricane Harvey strengthened as it headed toward landfall in Texas, forecast to become the worst storm to strike the region in more than a decade. The price of gasoline rallied as it threatened to wreak havoc on the heart of America’s energy sector.Harvey became a Category 2 hurricane around midnight in Texas and was packing top winds of 110 miles (175 kilometers) an hour, the National Hurricane Center said in an advisory posted around 7 a.m. local time Friday. It will be upgraded to a major hurricane once winds reach 111 miles per hour.Oil refiners in the Gulf Coast, home to as much as half of the nation’s refining capacity, began halting operations amid warnings of deadly floods and storm surges. If Harvey reaches Category 3, it’ll be the strongest storm to hit the U.S. since Wilma in 2005.“It is becoming pretty clear this morning that Harvey will be mentioned alongside Katrina and Sandy in the history books,” said Todd Crawford, chief meteorologist at The Weather Company.

Source: Hurricane Harvey Strengthens as Refinery Risk Lifts Gasoline – Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.