Harvey, Labor Day Holiday Could Push US Gasoline Prices Higher

Harvey, Labor Day Holiday Could Push US Gasoline Prices Higher

Harvey, Labor Day Holiday Could Push US Gasoline Prices Higher

It is a major transit route for gasoline, for jet fuel, for distillates.

The prompt diesel refining margin stood at $14.80 a barrel, down from $15.17 a barrel at the previous close.

Indeed, the effects of the storm will continue for several weeks, if not months, after Harvey hammered the Gulf Coast for days and brought floods that buried Houston and the surrounding area in several feet of water. As of Thursday, almost 4.4 million barrels per day of refining capacity were offline.

In a statement, Motiva declined to say how long its Port Arthur refinery would remain offline, saying it would start the process once local flooding receded.

Valero Energy Corp is pushing back the planned overhaul, perhaps to next year, of the gasoline unit at its Sunray, Texas, refinery because of logistical bottlenecks from Harvey in Houston 572 miles (920 kilometers) away, said sources familiar with plant operations. The other 25 percent Atlanta gets from the Plantation Pipeline.

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On Thursday, the U.S. Energy Department said it would release two batches of oil from the Strategic Petroleum Reserve, totalling 1 million barrels, to supply the refineries that are still running in an effort to stem fuel shortages.

Retail prices for gasoline surged to $2.46 a gallon Thursday, up 11 cents a gallon from last week, GasBuddy said.

The new regulation will allow more and different kinds of gas to be sold, in reaction to the diminishing supply caused by Hurricane-now Tropical Storm-Harvey, which shut down refineries along the Gulf coast. "$7.00. Well, that's it", she said.

"Cross our fingers, keep our tanks full", Orlandi said.

"I'm anxious this could take weeks, as much flooding as it is and how many oil refineries", said driver Donna Crestanza.

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At least two cargoes scheduled to deliver to Venezuela currently in the port of Curacao are now expected to be delivered to Ecuador.

European and Asian traders have diverted millions of barrels of fuel to the Americas.

Colonial issued a statementon Wednesday announcing its diesel and aviation fuel pipeline was closing immediately and that its petrol (gasoline) pipeline would be closed from Thursday because of outages at pumping points and a lack of supplies from refiners.

"This is going to be the worst thing the US has seen in decades from an energy standpoint", said an East Coast market source, who declined to be named as he was not authorized to speak to the press. The market is "way under-appreciating the magnitude of this".

"The refineries were built on the Gulf Coast with the idea that we're going to import", said Sandy Fielden, director of oil and products research at Morningstar in Austin, Texas, adding: "That's why we're having problems today because that's where they were all built".

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