Global fuel markets jump as Harvey’s surge ripples beyond Gulf

31 Aug 2017   Prices

Tropical Storm Harvey’s effect on the energy industry has spread beyond flooded U.S. refiners as fuel pipelines are also shut, threatening a supply squeeze around the country and roiling world markets as traders scramble to find alternative supplies. The storm, which lashed Louisiana with rain on Thursday, has pummeled the U.S. Gulf Coast, burying Houston and the surrounding area under several feet of rain and forcing the closure of nearly a quarter of U.S. refining capacity. Benchmark U.S. gasoline prices and margins surged anew in overnight trading Thursday. The jump came after the Colonial Pipeline, the biggest U.S. fuel system, said it would shut its main lines to the Northeast by Thursday, hit by outages […]

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