Hurricane Harvey Has Knocked Out 25 Per Cent Of Gulf Gas Production

Hurricane Harvey Has Knocked Out 25 Per Cent Of Gulf Gas Production

Hurricane Harvey Has Knocked Out 25 Per Cent Of Gulf Gas Production

The hurricane is forecast to make landfall late Friday or early Saturday between Corpus Christi and Houston, both important oil refining centres.

U.S gasoline futures, however, jumped 2.8 percent and gasoline cash prices in the Gulf Coast rose to the highest levels in nearly a year on fears of the hurricane and flooding damaging refineries.

A little less than 10 percent of offshore U.S. Gulf of Mexico crude output capacity and almost 15 percent of natural gas production had been halted by midday on Thursday, government data showed.

LONDON, Aug 25 (Reuters) - Oil prices rose on Friday as the us petroleum industry braced for Hurricane Harvey, which may become the biggest storm to hit the USA mainland in more than a decade.

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Brent crude ended 37 cents, or 0.7 per cent, higher at US$52.41 and down 0.6 per cent on the week.

USA crude futures settled 98 cents lower at $47.43 a barrel and Brent crude ended down 53 cents a barrel, or 1 percent, at $52.04.

The AP reported the Interior Department said personnel evacuated 86 of the 737 oil and gas platforms in the Gulf before the storm hit, contributing to the contraction.

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The storm has intensified since Thursday and could potentially be the biggest hurricane to hit the USA mainland in 12 years.

Gasoline futures were up over 1 percent and hit their strongest levels in four months and were the highest in two years for this time of year. It is now taking aim between Houston and Corpus Christi on the coast of Texas.

That equates to roughly 428,568 barrels of oil per day out of the roughly 1.75 million bpd pumped from the Gulf. Oil refineries are expected to shut down.

Part of the reason for the crude glut has been rising USA production, which has jumped by 13 percent since mid-2016 to 9.53 million bpd, close to its 9.61 million bpd record from June 2015.

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