• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 6 hours Satellite Moons to Replace Streetlamps?!
  • 1 day US top CEO's are spending their own money on the midterm elections
  • 1 min EU to Splash Billions on Battery Factories
  • 4 hours U.S. Shale Oil Debt: Deep the Denial
  • 12 hours The Balkans Are Coming Apart at the Seams Again
  • 1 day OPEC Is Struggling To Deliver On Increased Output Pledge
  • 12 hours The Dirt on Clean Electric Cars
  • 4 hours Owning stocks long-term low risk?
  • 23 hours Uber IPO Proposals Value Company at $120 Billion
  • 14 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 1 day A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day 10 Incredible Facts about U.S. LNG
  • 1 day U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
Alt Text

Oil Prices Subdued, But For How Long?

Oil prices may have closed…

Alt Text

Goldman Sachs: Oil Unlikely To Reach $100

Goldman Sachs’ chief commodities analyst…

Alt Text

Goldman Sachs: This Is The Next Big Risk For Oil

Goldman Sachs commodities expert Jeffrey…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Gas Prices Spike As Harvey Shuts Down Gulf Coast Refineries

Gas

Gasoline prices hit two-year highs today in electronic trade after Hurricane Harvey, which reached the Texas coast last Friday, caused the shutdown of a number of refineries. Gasoline was trading at US$1.7595 a gallon, up 5.57 percent from Friday’s close, but west Texas Intermediate was down 0.55 percent to US$47.73 a barrel at 6:30 AM EDT.

According to an S&P Platts report, around 2.2 million bpd in refining capacity was shut down or in the process of being shut down as of Monday morning. Refineries in the Corpus Christi area had shut down ahead of the storm, but those in the Houston area only began shutting down yesterday, prompted by the floods that Harvey brought.

Among the plants being shut down was Exxon’s 560,500-bpd facility in Baytown – the second-largest oil refinery in the U.S. after Port Arthur. Shell also started shutting down its Deer Park facility, which has a capacity of 340,000 bpd, and Phillips 66 started the shutdown of a 247,000-bpd refinery in Sweeney. Texas houses some 4.944 million bpd in refining capacity.

 Hurricane Harvey has also disrupted imports and exports of oil and oil products, with both Corpus Christi and Houston ports closed. EIA data for May shows that Texas imported 1.9 million bpd of the total 3 million bpd that entered the U.S. via the Gulf Coast, as well as 418,000 bpd of refined petroleum products.

As a result, Reuters reported earlier today, traders have approached refineries in Northern Asia seeking supplies of jet and diesel fuel. In addition, traders and refiners have provisionally reserved ships to carry gasoline and jet fuel from South Korea to the West Coast.

Related: Tesla Successfully Raises Funds As Cash Bleed Continues

In production, around 379,000 bpd of capacity has been idled, the U.S. Bureau of Safety and Environmental Enforcement said, which represents 21.64 percent of the 1.75 million bpd that field operators in the Gulf of Mexico pump.

Experts said that Harvey is the strongest hurricane to hit Texas in the last 50 years. The damages from the storm are yet to be calculated.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News