• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 7 mins U.S. Withdraws From U.N. Human Rights Council
  • 7 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 7 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 3 hours "The Gasoline Car Is a Car With a Future"
  • 1 hour Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour Saudi Arabia turns to solar
  • 52 mins What If Canada Had Wind and Not Oilsands?
  • 11 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 11 hours Could oil demand collapse rapidly? Yup, sure could.
  • 4 hours EVs Could Help Coal Demand
  • 1 hour Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 12 hours WE Solutions plans to print cars
  • 2 hours Gazprom Exports to EU Hit Record
  • 17 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 1 day Oil and Trade War
  • 20 hours Lloyd's of London excludes coal

Oil Shipments From Louisiana Jump Ahead Of Harvey

Louisiana

Traders are scrambling to ship as much oil and oil products from the Louisiana coast before Hurricane Harvey hits it and disrupts loadings, Reuters reports. Oil import and export terminals in Texas were closed earlier, when the storm ravaged the state. It was the strongest hurricane to hit Texas in more than five decades.

Now Harvey is moving to Louisiana, expected to reach the coast today. In a statement from 1:30 AM CDT today, the National Weather Service warned that Harvey “continues to bring threat of tornadoes, high tides, and heavy rain.” Flash flooding is in the forecast for parts of southeastern Louisiana.

Louisiana and Texas together account for almost half of the United States’ oil refining capacity: 5.6 million bpd for Texas and 3.3 million bpd for Louisiana. Much of this—some 2.2 million bpd—was shut down in Texas last weekend. Yesterday, Reuters reported that the storm had shuttered a fifth of U.S. refining capacity, or 3.6 million bpd in both Texas and Louisiana. Now more will be taken offline.

Louisiana is home to the St. James oil trading hub, which has a refining capacity of 2.5 million bpd. Now, amid soaring gasoline prices after the Texas refinery shutdowns, traders are focusing on Louisiana, trying to get as much fuel as possible into the country before the terminals there close, too.

Related: China Creates World’s Biggest Power Group With $271B In Assets

At least one vessel, the Ridgebury Julia, carrying oil products, was diverted earlier this week, according to Reuters shipping data, from its original destination to Corpus Christi in Texas to New Orleans.

Meanwhile, while gas prices are skyrocketing, WTI is falling due to the decline in refinery runs. The benchmark yesterday widened the gap with Brent crude to US$5.90 a barrel. At about 5 AM EDT, WTI was trading at US$46.34 a barrel, down 0.22 percent from yesterday’s close.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

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