Gasoline Surges As Harvey Wallops Refineries

Gasoline Surges As Harvey Wallops Refineries

Gasoline Surges As Harvey Wallops Refineries

"The biggest impact of this storm will be a significant reduction of crude oil imports into the Texas Gulf Coast", Andy Lipow at Lipow Oil Associates, a Houston-based consultancy, told the Financial Times, adding that the refinery shutdowns and possible flooding could raise national gasoline prices by 5 to 10 cents a gallon.

The refinery closures helped push U.S. gasoline futures to a two-year high of $1.7799 per gallon on Monday, although they had receded to $1.7195 by 0916 GMT on Tuesday.

Both West Texas Intermediate and Brent barrel prices traded down on Tuesday as Tropical Storm Harvey continues to pound the U.S. Gulf coast.

International Brent crude futures were down 7 cents at $51.82 a barrel, having traded as high as $52.19 and as low as $51.36 earlier in the day.

Flooding from Hurricane Harvey is devastating the Houston and Galveston areas of Texas, major hubs for US oil refining.

Like the rest of the region, Motiva has been the victim of torrential rains and floods caused by the tropical storm of Harvey.

At least 3.6 million bpd of refining capacity are offline in Texas and Louisiana, which is almost 20% of total U.S. capacity. The refinery has a capacity of 6,03,000 barrels per day.

15 photos from the breathtaking solar eclipse gathering at Oregon Eclipse
A video submitted to WHSV by Patrick Flanagan, showing a timelapse of the eclipse over Silver Lake, can also be watched above. As the moon's eclipse of the sun increased, the amount of daylight present became less and less and the sky grew dimmer.

Manchester City Determined To Sign Alexis Sanchez, Will Bid Again
Should Arsenal reject City's advances for the Chilean, it would likely mean Sanchez leaves for absolutely nothing, next summer. The Mirror claim City have offered the Gunners a substantial fee plus Raheem Sterling in exchange for the Chilean superstar.

Salmon, tilapia prices lower as part of Amazon's acquisition of Whole Foods
The company also said certain Whole Foods products will be available through Amazon .com, AmazonFresh, Prime Pantry and Prime Now. Walmart , which has been ramping up its online operation, has added more fresh-cut fruit and is rolling out curbside pickup.

The spread between Brent and USA crude hit its widest in more than two years on Tuesday, before rising slightly to $4.92.

Refinery closures has shifted gasoline futures higher however, as it makes the product harder to come by and thus priced higher.

Crude markets were also looking at disruptions in Libya and Colombia.

Sharara, which at 280,000 bpd is the OPEC member's largest oilfield, has been shut for around a week because of militia blocking a pipeline linking it to the Zawiya oil terminal.

In Colombia, a bomb attack by the leftist ELN rebel group halted pumping operations along the country's second-largest oil pipeline, the 210,000-bpd Cano-Limon Covenas.

Yet crude remains in ample supply, resulting in low prices, with Jefferies bank saying it is lowering its fourth-quarter Brent oil price estimates to $55 a barrel from $60 and its 2018 forecast to $57 from $64.

Related news

[an error occurred while processing the directive]