- The Colonial Pipeline, the key conduit for gasoline and diesel from Gulf Coast refiners to the northeastern U.S., says service has been disrupted at its Houston origin by Harvey.
- Colonial says service at its Pasadena, Houston, and Cedar Bayou locations "has been interrupted until we can further assess the storm damage.”
- Markets for refined petroleum products already had moved higher today amid refinery outages and slowdowns, and Colonial’s announcement indicates the devastation in Texas and Louisiana could feed into energy supplies elsewhere in the U.S.
- Before Colonial's disclosure, Nymex September gasoline futures had settled 2.8% higher for the day after earlier surging by nearly 7%, and diesel futures rose 0.8%; both are moving higher in early overnight trading.
- Colonial delivers more than 2.3M bbl/day of oil products from the Houston area to as far as New York harbor.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
- Now read: This Week In Oil: Not Your Average Week, Thanks To Harvey
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Colonial Pipeline says service disrupted in Houston
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