United States gasoline prices tumble as Harvey subsides

A boat runs through floodwaters of Tropical Storm Harvey near a gas station on Friday Sept. 1 2017 near Vidor Texas

Oil prices on Wednesday held on to gains from the day prior on fears of potential damage to USA oil production from Hurricane Irma, as well as renewed demand for crude from restarted refineries in the Gulf Coast, Market Watch reports.

Focus was also being drawn to massive Category 5 storm Hurricane Irma, which is barreling toward the Caribbean and Florida, and could knock out other refineries.

But now, analysts say the price of gas may continue to spike because of Harvey's impact and a new hurricane that is expected to wreak more havoc later this week. Several other refineries were running at reduced rates, according to company reports and Reuters' estimates.

October West Texas Intermediate crude oil advanced $1.37, or 2.9%, to settle at $48.66 a barrel, marking the highest settlement for a most-active contract since August 11, according to FactSet data.

In global oil markets, Brent crude futures dipped 8 cents to $53.20 a barrel. "AAA will continue to monitor Irma's path and the potential impact the hurricane could have on residents in the area, as well as the refineries, pipelines and supply distribution components".

Motiva's refinery in Port Arthur, Texas, the largest in the United States, was the latest to announce a phased restart process was underway, though only about 40 percent of the 600,000 barrels per day in capacity would be available by the weekend.

"We project that the hurricane will have added 40 million barrels to USA crude inventories in the month following landfall", the analysts said.

More news: Trump has appointed a new managing NASA

Harvey hurricane damage has been on the U.S. refining sector after Saudi Aramco's wholly-owned subsidiary, Motiva Enterprise, announced last week it would completely suspend work at the US-based Port Arthur refinery because of the hurricane. Some 65 percent of Asia's crude oil refining capacity is located in China, Japan, and South Korea.

With more than 50 inches of rain, Harvey set a record for the greatest amount of single-storm rainfall for the continental U.S. "Today, there's a bit of a worry in the short term that there could be an issue around crude supply". The price of October futures for WTI crude oil increased by 0.88 percent and stood at $49.09.

As oil infrastructure damage appeared to be less extensive than some had feared, gasoline futures fell 3.28 per cent to $1.6906 a gallon.

The injections were done to sure up the oil industry and mitigate the possibility of post Harvey oil and gas prices rising.

In Florida on Tuesday, the Sun Sentinel reported that the prospect of Irma would likely prevent the dip in gas prices that would otherwise be expected within the week, and could add another five to 10 cents to the price.

In the week since our last edition of What's Affecting Oil Prices, Brent crude rose 34 cents a barrel (bbl) week-close to week-close.

Related News:

  • Last-ditch effort to restore Stormont Executive in Northern Ireland

    Last-ditch effort to restore Stormont Executive in Northern Ireland

    The DUP and Sinn Fein had been sharing power for nearly 10 years when the devolved government collapsed over a botched renewable energy scheme costing millions of pounds.
    Forecasters are keeping an eye on Hurricane Irma

    Forecasters are keeping an eye on Hurricane Irma

    It's still too soon to say how Irma may impact the US coast, but it's a storm Americans living along the coasts should watch. While the country is reeling from Hurricane Harvey fucking up the Gulf Coast , Hurricane Irma is raging across the Atlantic.
    Donald Trump to lower corporation tax to 15pc 'to compete with Ireland'

    Donald Trump to lower corporation tax to 15pc 'to compete with Ireland'

    The poll found that almost all Democrats (93%) and more than half of independents (59%) feel he is tearing the country apart. About Trump's Springfield appearance, Allman said "if you're a Republican and you avoid being there we're taking your name".
  • Gasoline prices up 36 cents in week

    Gasoline prices up 36 cents in week

    A year ago at this time, the average price in Rhode Island was 51 cents lower at $2.18. However, prices can be found even higher from pump to pump throughout both states.
    7 students die in Kenya school fire

    7 students die in Kenya school fire

    The school, which has more than 1,000 students, will remain closed for two weeks while the investigation takes place. I sleep in the one adjacent to the one where the fire started.
    Two killed in Delhi's Ghazipur landfill collapse

    Two killed in Delhi's Ghazipur landfill collapse

    According to a fire department official, initially four fire tenders were rushed to the spot but later 11 more vehicles were sent. Police said the collapse took place probably when the woman victim was riding her scooter around that area.
  • Trump agrees to Democrat deal on spending and Harvey aid

    Trump agrees to Democrat deal on spending and Harvey aid

    The bill also would authorize $450 million specifically for direct loans to help small businesses get back on their feet. House Republican hardliners, who welcomed a looming budget crisis, didn't want any debt measures in the bill at all .
    Cruz rips Christie after Harvey criticism: He is 'desperate' for media spotlight

    Cruz rips Christie after Harvey criticism: He is 'desperate' for media spotlight

    But with the storm forecast to churn along the Gulf coast for at least two more days, that estimate could surge. This bill is symptomatic of a larger problem in Washington - an addiction to spending money we do not have.
    Earth will see its largest asteroid fly-by in September

    Earth will see its largest asteroid fly-by in September

    The project is led by Professor Vishnu Reddy from the University of Arizona's Lunar and Planetary Laboratory in Tucson. Measurements from NASA's Spitzer Space Telescope and NEOWISE mission indicate it is about 4.4 kilometres in size.
  • The US has no real alternative to the present Iran nuclear deal

    The US has no real alternative to the present Iran nuclear deal

    Jonathan Finer, who served as chief of staff to John Kerry, the former secretary of state, said that Ms. Ambassador to the United Nations Nikki Haley said.
    Anderson edges Querrey at Open to reach 1st Slam semifinal

    Anderson edges Querrey at Open to reach 1st Slam semifinal

    Querrey, a 29-year-old from California, had never been a semifinalist at a major until his 42nd appearance, at Wimbledon in July. The Americans haven't had any men's Grand Slam champion since Roddick won the tournament in 2003.
    Xbox One keyboard and mouse support is still on the way

    Xbox One keyboard and mouse support is still on the way

    A notable example of this is seen in Gears of War 4 , however users of the former are still restricted to the Windows PC platform. A lot of people tweet me and say 'you can't do this because of fairness, ' and we understand that.


Most liked

Third Child on the Way for Kanye and Kim Kardashian West
Kim Kardashian and Kanye West will add a third child to their family in January (18), via a surrogate , according to reports . Kim and Kanye , who married in 2014, already share two photogenic kids: daughter North , 4, and 21-month-old son, Saint .

Uzbekistan vs South Korea World Cup Qualifying AFC
But China's fortunes have risen since the arrival of Marcello Lippi last October, and officials praised the achievements of the Italian World Cup-winning coach.

Relocation now or referral to the EU Court - Avramopoulos
Poland initially supported the plan but has come out strongly opposed since a right-wing government came to power. Human rights groups have criticized Hungary and Poland for their reluctance to take in any refugees.

Bollywood Celebrities Condemn Murder Of Gauri Lankesh...Here's What They Said
Last night, as news broke of the cold-blooded murder of Bengaluru journalist Gauri Lankesh, a chill ran down many spines. Gauri Lankesh, 55, was found lying in a pool of blood on her doorstep in the city of Bangalore.

Trump sends lawmakers request for $7.9 billion for Harvey recovery efforts
The plan is still tentative, but the White House signaled it's on board with the idea. The White House is shopping the measure to key Republicans, who may press for more.

Colts Officially Activate Andrew Luck off of PUP
His rookie contract is up after this season, but all signs to the Patriots believing in him as the successor to Brady. When the Colts kicked off training camp back in July, the team placed Luck on the physically unable to perform list .

Froome extends Vuelta lead, Lopez climbs to second win
But he showed great stamina and climbing power to stay away from a stellar cast of chasers for his first Vuelta stage win. The race is not over for the team". "I knew that at 10k I need to go at full gas like a time trial", said Majka.

Japanese Princess gives up royal status to marry
Princess Mako said Komuro "warmly encourages me", adding, "At the beginning, I was impressed by his shining smile like the sun ". Prince Hisahito is now third in line to the throne after his uncle, Crown Prince Naruhito, and his father Prince Akishino .

Kate Middleton pregnant: Duke and Duchess of Cambridge expecting third child
On a royal tour of Poland in July 2017, Kate joked about having a third - after being given a present designed for newborns. Kate , who suffered from the condition with her first two pregnancies as well, is being cared for at Kensington.

Trump weighing termination of South Korea free trade deal
However, Trump said after the latest missile test that negotiations with Pyongyang were "not the answer". Marine Corps F-35B fifth-generation fighters, Gesecki said.

US bombers drill over Korean peninsula
Constant North Korean provocations do not seriously disturb Seoul-based foreigners like Matthew Crawford either. After the meeting Japanese Ambassador Koro Bessho said "We'll be talking about next steps starting now".

Cabinet reshuffle: PM Modi rewards performers; some party leaders sulk
She along with Goyal - who is new Railways minister - need to speed up the reforms in the respective ministries. The reshuffle exercise seems to have worked clearly as a mid-term appraisal of Modi's council of ministers.

UK, Japan urge Chinese pressure on North Korea
She pledged that Britain would deepen trade relations and become even more outward-looking post-Brexit. She told Sky News television there was "absolutely no basis for those reports whatsoever".

Do Analysts Think You Should Buy Marvell Technology Group Ltd
Analysts are also projecting an Average Revenue Estimate for Marvell Technology Group Ltd .as $600700 in the Current Quarter. Point72 Asset Mngmt LP holds 0.27% or 2.77 million shares in its portfolio. 10,235 were reported by Pacific Inv Mngmt.

Zambians Pray For Super Eagles' Fall In Cameroon
The win means the Eagles now have nine points from three matches, leading the four-team group with seven points. Those hopes were convincingly dashed as Nigeria strengthened its hold on the outright qualifying place.