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News Page 2

Oil prices dip as traders assess US hurricane impact

Oil prices edged down in early Asian trading on Tuesday, as traders weighed up the dampening effect on demand of Hurricane Irma versus refinery restarts in the wake of Hurricane Harvey that should lead to more crude oil processing. International benchmark Brent crude was down 5 cents, or 0.1 percent, at $53.79 per barrel by 0247 GMT from the previous close. U.S. West Texas Intermediate (WTI) crude was down 4 cents, or 0.1 percent, at $48.03 a barrel. U.S. refineries,…

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Gas Shortage Shifts From Texas to Florida

Truckers who hauled gasoline to Texas last week from Florida may run the same route in reverse next week as Hurricane Irma bears down on the Sunshine State. South Floridians are stocking up on supplies like gasoline and water while preparing to evacuate to the northern part of the state ahead of Irma, which is forecast to bring winds as high as 150 miles (240 kilometers) an hour to the state. As many as 600 stations in Florida metropolitan areas…

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As Houston Recovers From Harvey, Getting Fuel Flowing Again Is a Slow Process

Oil refineries here are starting to come back online as the epicenter of the U.S. energy industry begins to recover from Hurricane Harvey. But getting the fuel flowing again isn’t as easy as flipping a switch, and some key transport infrastructure remains down. When Harvey inundated the Texas coast last month, it closed about 25% of U.S. refining capacity. Six Gulf Coast refineries, accounting for 9% of U.S. refining capacity, remained closed as of Tuesday afternoon, according to the Energy…

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Oil steady on rising US refining demand, but ample crude supplies weigh

Oil prices held steady on Thursday, supported by rising demand from the United States where Gulf Coast refineries are restarting in the wake of Hurricane Harvey. But ongoing high crude output, including from the Organization of the Petroleum Exporting Countries (OPEC), meant there were ample supplies to meet demand. U.S. West Texas Intermediate (WTI) crude futures were at $49.12 barrel at 0146 GMT, 4 cents below their last settlement, but not far off more than three-week highs reached in the…

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How panicked drivers are making North Texas gas shortages worse

Texas is the energy capital of the country, both in terms of crude oil production and refining that into different types of fuel such as gasoline, diesel, jet fuel and other products. Several refineries shut down as a precaution before Harvey made landfall in southeast Texas coast on Friday night as a category 4 hurricane. In the following days, as the storm caused widespread flooding, more inland refineries stopped operations. As of late Wednesday, more than a fifth of the…

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First Corpus Christi refinery back online amid Texas gasoline panic

Valero Energy on Labor Day brought online its Corpus Christi refinery, the first of the refineries shuttered from Hurricane Harvey to return to full operations. Several others are in the process of starting back up. The historic storm triggered an ongoing gasoline panic in Texas and beyond amid fuel shortages and price spikes. Dallas-area fuel prices are up almost 70 cents a gallon on average, while San Antonio is asking people to carpool or work from home until more fuel…

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US crude prices rise on returning refineries, but gasoline slumps to pre-Harvey levels

An oil pump jack in the oil town of Gonzales, Texas. Getty Images An oil pump jack in the oil town of Gonzales, Texas. U.S. oil prices edged up on Tuesday as the gradual restart of Gulf of Mexico refineries following forced shutdowns due to Hurricane Harvey raised demand for crude, their most important feedstock. At the same time the return of many, though not all, U.S. refineries ended a spike in gasoline prices as initial fears of a serious…

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Crude oil and natural gas production in Texas and Oklahoma’s Anadarko Region is growing

The Anadarko Region, which was recently added to EIA’s Drilling Productivity Report (DPR), accounted for 437,000 barrels per day (b/d) of crude oil production and 4.9 billion cubic feet per day (Bcf/d) of natural gas production in July 2017. Production in the region has increased in 2017, and the region accounted for 13% of all new wells drilled in the country in July 2017. With the inclusion of the Anadarko Region, the DPR now covers about 87% of all active…

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Port Houston’s freeze puts tons of commodities in limbo off Texas coast

Many of the ships calling on Houston continued to anchor offshore Wednesday, waiting to find out when they can resume operations at the city's strategically located port. Josh Brogan, vice president at global management consulting firm A.T. Kearney, said shippers and manufacturers are taking a “wait and see” approach before making any significant changes to their delivery plans. “You haven’t really seen shippers or manufacturers deciding to shift operations to New Orleans or anything,” Brogan said. “There are a lot…

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Harvey Damage Shuts Main Fuel Line From Texas to New York

The main pipeline carrying fuel from Texas to the East Coast is temporarily shutting down because of refinery outages related to Hurricane Harvey, the company that runs the pipeline said Wednesday night, dealing a potentially major blow to the already storm-ravaged U.S. fuel system. Colonial Pipeline Co., the biggest fuel transporter in the United States, said in a brief statement that "storm-related refinery shut-downs and the impact to Colonial's facilities" west of Lake Charles, Louisiana, had led it to close…

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