The most powerful Hurricane to hit Texas in more than 50 years has devastated much of the coast, and the historic flooding is now causing havoc in the energy markets. The rain is not over, and will continue over the next few days, spilling a year’s worth of rain within a week. ExxonMobil shut down its Baytown refinery, the second largest in the United States with a capacity of 560,500 bpd. Royal Dutch Shell closed its 360,000 bpd Deer Park refinery, according to S&P Global Platts , and Phillips 66 shut down its 247,000 bpd Sweeny refinery. All port facilities in Houston and Corpus Christi were also shut down on Monday, not open to vessel traffic. That means that no refined products or crude oil will be either imported or exported for the time being. The implications of the refinery outages and the port closures could be dramatic, although […]