Post Harvey: Crude Climbs As Gasoline Crashes

OilPrice.com ------- As refineries along the Gulf Coast started returning to normal operations after Hurricane Harvey, WTI prices inched up despite a sluggish trading session yesterday due to Labor Day. At around 9:20 AM CST today, the U.S. benchmark was trading at US$48.65 a barrel, up 2.88 percent. Brent, on the other hand, was up 1.8 percent to US$53.28. The biggest storm in more than five decades to hit the Texas coast took about 20 percent of the country’s refining capacity offline. As of Sunday, the Wall Street Journal noted, citing S&P Platts, around 2.3 million barrels of refining capacity, or 13 percent of the total in the United States, remained shut down. Including partial shutdowns, around 17 percent of refining capacity was offline as of Sunday. To learn more click on the picture below to read the article.