US Oil Refineries Down 16 Percent Due to Hurricane Harvey

Refineries in some parts of Texas slammed by Tropical Storm Harvey were aiming to start back up this week, but Houston plants were producing very few products and large facilities further east were bracing for heavy rainfall and potential flooding.

Oil market analysts projected that about 13 to 16 percent of the country’s capacity to refine crude oil into gasoline, diesel and other fuels was off line on Tuesday. There were few reports of serious damage to refineries on Tuesday, but flooding and continued rain in Houston made it unclear when workers would be able to reach facilities.

Parts of South Texas and Louisiana remain under water or on flood watch as the Gulf Coast prepares to absorb more rain in the coming days.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.