• 4 minutes Why Trump will win the wall fight
  • 9 minutes Climate Change: A Summer of Storms and Smog Is Coming
  • 12 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 5 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 4 hours Ayn Rand Was Right
  • 4 hours Solar and Wind Will Not "Save" the Climate
  • 15 hours Some Good News on Climate Change Maybe
  • 2 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 6 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 3 hours Sanctions or Support: Despite Sanctions, Iran's Oil Exports Rise In Early 2019
  • 14 hours Expected Breakdown: Israel-Central Europe Summit Canceled After Polish Pullout
  • 1 day IT IS FINISHED. OPEC Victorious
  • 22 hours Oil Prices Bookended for Rest of This Year? Maybe $50 to $80? (My old 'See Saw' theory redux)
  • 21 hours Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 7 hours Regular Gas dropped to $2.21 per gallon today
Is Ocasio-Cortez Right To Dismiss Nuclear Energy?

Is Ocasio-Cortez Right To Dismiss Nuclear Energy?

The Democratic party unveiled its…

Iran’s Present Is Shaky, Its Future Is Precarious

Iran’s Present Is Shaky, Its Future Is Precarious

Iran’s Present Is Shaky, Its…

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:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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