The superstorm Hurricane Sandy hit the east coast of the U.S. Monday, causing excessive destruction and several deaths. As some communities assess damage and begin cleanup, others are still facing the brunt of the storm’s wind and rain. Meanwhile, markets are seeing the effect, as the price of crude oil falls due to diminished demand.
U.S. light, sweet crude fell toward $85 a barrel Tuesday, fueled by concerns over weak demand. Brent crude remained flat at about $109. Products and U.S. gasoline futures also saw a drop. The gas futures drop comes after a small increase Monday due to tight supply expectations.
Two thirds of refineries located in the storm’s path were shutdown. Reports of no damage to a Philadelphia refinery was good news for investors, but reports on terminals and pipelines are still coming in.
Hurricane Sandy is one of the largest storms to ever his the United States. At least 16 people have been killed. Millions remain without power.