Gasoline Jumps, Oil Slips as Harvey Slams Texas Refinery Center
- Pipelines, terminal operations also suspended because of storm
- Nation could see 30 percent of refining capacity shut: Tudor
Cohen: Yet to See Full Impact From Harvey on Oil
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Gasoline futures jumped to a four-month high and oil dropped as flooding from Tropical Storm Harvey in Texas led to the shutdown of major refineries.
Motor fuel prices rose 2.7 percent and oil in New York slipped 2.7 percent. Harvey, the strongest storm to hit the U.S. since 2004, has flooded cities and caused plants to shut, leading to about 2.26 million barrels a day of crude and condensate capacity in Texas offline. Several key pipelines were also closed, potentially stranding crude in Texas and interrupting gasoline supplies to other parts of the country.