- Gasoline and oil prices continued to diverge today in the wake of Tropical Storm Harvey, as flooding and damage shut nearly a quarter of U.S. refinery capacity, curbing demand for crude while raising the risk of fuel shortages.
- U.S. gasoline futures surged 5.9% today to settle at 1.8847/gal after hitting $1.9140, the highest since July 2015, while WTI crude fell another 1% to a one-month low $45.96/bbl; Brent crude lost 2.2% to $50.86/bbl, sending the spread between Brent and U.S. crude to its widest in more than two years before settling at $4.90.
- “This is as bad as it’s ever been,” says Kyle Cooper, a consultant at ION Energy Group in Houston. “I would say that to a large extent, the worst is being priced in” for energy markets.
- The storm today forced the full shutdown of the largest U.S. refinery, Saudi Arabia's Motiva, and Valero (NYSE:VLO) said today that it was fully shutting its Port Arthur, Tex., refinery due to flooding; also, Reuters reported that Total’s (NYSE:TOT) Port Arthur refinery had been shut by a power outage resulting from the storm.
- With gasoline futures climbing, AAA says pump prices nationwide are up $0.06 from a week ago at $2.404/gal of regular gasoline.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, UGA, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
- Now read: Cracks Move Higher On Harvey And Oil Is Likely To Follow
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Gasoline hits two-year high; Harvey takes 20% of U.S. refining capacity offline
Published 08/30/2017, 06:24 PM
Gasoline hits two-year high; Harvey takes 20% of U.S. refining capacity offline
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