Shares of energy producers rose as oil futures rebounded and gasoline futures slid as the disjuncture in Gulf Coast energy production caused by Hurricane Harvey begins to be corrected.
Refineries shut down by Harvey were coming back online, returning a key source of demand for U.S.-produced oil to markets and reducing fears of a gasoline shortage. "From an economic perspective, damage to the region's energy infrastructure is likely to cause local disruptions and contribute to a temporary increase in gasoline prices," said Bob Doll, chief investment strategist at money manager Nuveen Investments. "But we expect the broader economic and market effect to be limited."
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Meanwhile, Hurricane Irma strengthened to a Category 5 storm and looked set to hit the East Coast of the U.S. two weeks after the devastation wrought by Harvey.
Rob Curran, email@example.com
(END) Dow Jones Newswires
September 05, 2017 16:59 ET (20:59 GMT)