10 refineries closed…
FILL UP NOW!
for the morning crowd
1. Harvey hits: U.S. gasoline futures spiked 7% Sunday night after the storm ravaging the Gulf Coast forced the shutdown of at least 10 refineries near Houston and Corpus Christi.
Gasoline futures, which reflect wholesale prices charged to gas stations, are now at their highest level since July 2015. Analysts said it often takes about a week for such price swings to trickle down to drivers filling up at the pump.
The tropical storm hit southeastern Texas over the weekend. Rain and “catastrophic flooding” are expected to continue for days and mandatory evacuations have been issued for some low-lying areas.
Gas Station Shortages Expected In Texas As Gulf Coast Premiums Hit Record Highs
According to retail fuel supplier Mansfield Oil, short-term fuel supplies for Houston and San Antonio are significantly impacted by Tropical Storm Harvey.
Bloomberg reports that San Antonio and Houston supplies are at code red, while Corpus Christi was downgraded to code orange as terminals have come online already and limited spot supplies are available.
For now, GasBuddy.com reports a number of stations are still open, though prices are rising…
However, the Gulf Coast CBOB gasoline spread to NYMEX futures rose 9.50c to a 16.50c/gal. premium – the highest on record in data from 2012.
If Harvey moves toward Louisiana, MORE could be shut down!
AUG 28, 2017 @ 01:53 PM
How Refiners Are Faring From The Ravages Of Hurricane Harvey
Claire Poole , CONTRIBUTOR
Opinions expressed by Forbes Contributors are their own.
Valero Energy’s oil refinery in Corpus Christi before Hurricane Harvey hit the Texas coast. (Photo by Eddie Seal/Bloomberg)
Hurricane Harvey, which slammed the Texas coast over the weekend and flooded large portions of Houston, is having dramatic effects on the energy complex along the Gulf Coast. By Raymond James’ estimates, the storm took out more than 2 million barrels of oil per day at area refineries — and potentially much more if run-rates are reduced at other facilities.
More refining capacity could be taken offline if Harvey loops and begins moving up the Texas coast toward Louisiana as forecasted, analysts at Tudor, Pickering, Holt said in a report. That could result in additional shutdowns in the Port Arthur/Beaumont/Lake Charles refining center that holds another 2.2 million barrels per day of capacity, or about 12% of the U.S. total, they estimated.
Claire Poole is a business writer based in Houston who focuses on energy deals and investing.
Louisiana is Now Flooding
ake Charles is rescuing people from flooded homes already.
I imagine for the next few days, as the storm moves up through that way and out, it’ll get worse.
I hope NOT “Katrina 2.0” in NOLA, as we really can’t handle TWO emergencies of this magnitude at once
My opinion on the matter.
The Latest: Floodwaters rise in southwest Louisiana homes
BATON ROUGE, La. (AP) — The Latest on Harvey’s effects in Louisiana (all times local):
Houses in southwest Louisiana’s largest city are beginning to flood as rains from Tropical Storm Harvey continue.