Gasoline Surges as Traders Eye Harvey Impact on Energy Assets
- Colonial’s key pipelines are operating from Lake Charles east
- Refineries in locations such as Port Arthur, Beaumont shut
Gasoline in Best Run Since 2013
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Gasoline climbed to the highest level in more than two years as traders assess how quickly key Gulf Coast refineries and pipelines are able to return to service following Harvey.
Motor-fuel prices jumped 13.5 percent in New York. Harvey has shuttered about 23 percent of U.S. refining capacity since its first landfall on the Texas coast as a Category 4 hurricane on Friday. While refineries in the Port Arthur, Beaumont and Houston areas remain off line, some plants in the Corpus Christi area -- where Harvey first hit -- are working to restart and the Strategic Petroleum Reserve on Thursday approved the release of 1 million barrels of crude to a Gulf Coast processor.