Gasoline futures shoot up on harvey refinery closures the futures market


With Gulf Coast refineries and ports shut after Harvey, it was unclear whether there would be strong demand for an immediate release of crude from the SPR.

Numerous shipments are expected to end up in Latin America, which has become increasingly reliant on gasoline and diesel supplies from the U.S exchange rate usd to cad. Gulf Coast in recent years amid fast-growing demand in emerging economies such as Mexico and Brazil, traders said.

Instead, gas prices in markets stretching from Europe to Asia should rise to compete for LNG cargoes as the USA goes offline, increasing the spread just as we are seeing today with crude oil benchmarks.

The risk is that this onshore production takes longer to return than the market may expect, given the apparent widespread damage to infrastructure from flooding in the region and the length of time it may take floodwaters to recede.

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US crude futures fell as the refinery shutdowns could reduce demand for American crude euro pound exchange rate forecast. The premium for Chicago-area gasoline above benchmark futures is at the highest since June 2016, while the Gulf Coast price is at its widest above futures since August 2012.

"At this moment now, we’re talking about somewhere around 15 to 16 percent of all USA refining capacity offline", Patrick DeHaan, a senior petroleum analyst at GasBuddy, a firm that monitors gasoline pricing, told me marketing future trends. Portions of the refinery were flooded after more than a foot of rain dropped overnight usd zar forecast. Shell also started shutting down its Deer Park facility, which has a capacity of 340,000 barrels per day, and Phillips 66 started the shutdown of a 247,000-bpd refinery in Sweeney.

Exxon has shut its 362,300-bpd Beaumont refinery in east Texas because of high water in the plant, said sources familiar with the plant. " Crude oil prices have declined while oil product prices have increased".

More rain fell on the area in the last 24 hours than any other part of the region since the storm began last week, according to David Roth, meteorologist at the US Weather Prediction Center.

Officials find van where 6 family members drowned in Harvey floodwaters At least 19 people have been reported dead as emergency workers continue their work in Houston and surrounding parts of Texas usa today subscription. The convention center, which was also used as a shelter for Katrina refugees in 2005, can accommodate roughly 5,000 people.

Oil prices continued to slide Tuesday as Tropical Storm Harvey continued to bear down on the Texas Gulf Coast and looked set to threaten more refineries.

Almost three billion barrels of the 18 billion USA daily refining capacity has been knocked out the binary code. Refinery shutdowns and fuel shortage worries have also boosted retail fuel prices, particularly in the US South and Southwest.

The Dow Jones Industrial Average fell 18.75 points, or 0.09 percent, to 21,794.92, the S&P 500 gained 0.21 points, or 0.01 percent, to 2,443.26 and the Nasdaq Composite added 20.97 points, or 0.33 percent, to 6,286.62.

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The storm has hobbled energy producers in south Texas’ Eagle Ford shale, with companies like Chesapeake Energy saying they can’t restart work until there refineries are up and running.

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