Gasoline Gains, Crude Drops as Storm Harvey Poised for Comeback
- 2.35 million barrels a day of crude, condensate capacity shut
- Motiva Port Arthur, largest U.S. refinery, at reduced rates
Re-Energized Harvey Turns Wrath Once More on Texas
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Gasoline prices moved to a two-year high while crude slipped as traders braced for more cutbacks at Gulf Coast refineries with Tropical Storm Harvey set for a second landfall near the Texas-Louisiana border.
Motor fuel prices rose 4.2 percent in New York, while WTI traded at the lowest level in five weeks. After shifting over the Gulf of Mexico late Monday, Harvey is now expected to regain strength before crashing ashore Wednesday near Port Arthur, Texas, where Motiva Enterprises LLC operates the largest U.S. refinery. The plant is currently said to be shutting.