- U.S. gasoline prices (NYSEARCA:UGA) continued to surge today, with the RBOB September contract settling at $2.1399/gal, up $0.2552/gal and more than $0.50 higher than on Aug. 22, before Texas coastal refineries began shutting down ahead of Harvey.
- Platt's reports ~3M bbl/day of refining capacity remains down in Texas, or 16% of U.S. capacity, and assuming refiners cutting runs or in the process of returning are at 50% of capacity, the total downed capacity rises to 4M bbl/day, or 22% of the U.S. total.
- The Colonial Pipeline, which can ship 1.3M bbl/day of gasoline on its Line 1 from Houston to Linden, N.J., says deliveries will be "intermittent and dependent on refinery supply."
- With so much Texas refinery capacity offline, it is important to keep Louisiana refiners running to feed local demand and the Colonial Pipeline, likely the reason why the U.S. Strategic Petroleum Reserve announced two releases totaling 1M barrels of crude to Phillips 66 (NYSE:PSX) for its Lake Charles refinery.
- The Explorer Pipeline, which hauls refined products from Texas to Illinois, expects to reopen sometime before Friday.
- Also, TransCanada (NYSE:TRP) has shut down the southern leg of the 600K bbl/day Keystone pipeline, which crude from Cushing, Okla., to the Texas Gulf Coast.
- Now read: TransCanada: Strong Q2, Dividend Increase Expected In Q1 2018
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Gasoline futures continue to soar on Harvey-related outages
Published 08/31/2017, 06:13 PM
Gasoline futures continue to soar on Harvey-related outages
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