Gasoline rose still higher post-settlement, after sources told Reuters that Motiva was shuttering the largest us refinery.
"As of Monday afternoon, between 2.5 million bpd and 3.5 million bpd of refining capacity in the Gulf Coast region was offline due to a combination of refineries being shut down or running at reduced rates". "We have no idea when (the refineries will) come back on, the market is taking a wait and see approach".
Contrary to analysts' bullish forecasts before Harvey arrived, the price for West Texas Intermediate (WTI) crude dropped almost three percent on Monday and settled at $46.57 - the worst daily performance since July 7.
By 4:36pm EST, WTI was trading at $46.38 with Brent Crude trading at $51.96.
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The national US gasoline price on Monday stands at $2.38 per gallon, up more than 5 cents from a week ago.
Preparing for more rain and floods, Total cut production to 53% of capacity at its 225,500 bpd Port Arthur refinery, reported a leading research agency. The contract's peak was $1.7888, the highest for NYMEX gasoline since July 2015. "We're setting up and gearing up for the next couple years", FEMA's Brock Long said today. Onshore, numerous nation's refineries remain offline because of heavy flooding in and around the Houston area.
The storm has set a rainfall record for tropical cyclones in Texas, the National Weather Service said.
The storm caused the closure of many oil platforms in the Gulf, and about a fifth of the region's oil output remained shut down, according to USA authorities.
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Hurricane Katrina caused significant damage to United States refinery and production capacity in the Gulf of Mexico, and forced oil prices to briefly spike to above $70 per barrel in September 2005.
Crude markets were also looking at disruptions in Libya and Colombia.
This has caused prices of both benchmarks to fluctuate higher and lower.
"We are thus lowering our Brent oil price estimates to $55 per barrel from $60 per barrel in 4Q17 (and) to $57 per barrel from $64 per barrel in 2018", Jefferies bank said.
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