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.


West Texas Intermediate graph

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

This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza