• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 3 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 332 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
G7 Targets Russian Gold In Latest Blow To Moscow

G7 Targets Russian Gold In Latest Blow To Moscow

The Biden administration and the…

Oil Shipments From Louisiana Jump Ahead Of Harvey

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:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News