US crude ticks up 6 cents, settling at $47.29, as some Gulf refineries restart in Harvey's wake 2017-09-01
crude oil ticks up
Oil prices recouped some losses from earlier in the day on Friday as some refineries shut by Hurricane Harvey along the U.S. Gulf Coast began to restart, calming fears over fuel shortages.

Harvey, downgraded to a tropical storm and losing steam as it moved inland, shut at least 4.4 million barrels per day (bpd) of refining capacity.

That sparked fears of a fuel shortage ahead of the Labor Day weekend and cut refinery demand for crude, widening the spread between U.S. gasoline and crude.

U.S. gasoline prices hit a two-year high above $2 a gallon on Thursday, but on Friday, as two refineries began to restart, the "crack spread" — the difference between crude oil and gasoline prices — fell nearly 11 percent.

Gasoline for September delivery settled up 25.52 cents, or 13.5 percent, at $2.1399 per gallon on the last day of trading in the contract. U.S. gasoline futures for October delivery was down 2 percent at $1.7436 per gallon at 2:25 p.m. ET.

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