MTECHTIPS;-Crude oil mixed in Asia as U.S. benchmark down on Harvey

MTECHTIPS;-Crude oil mixed in Asia as U.S. benchmark down on Harvey impact

MTECHTIPS – Crude oil prices were mixed in Asia on Monday in the aftermath as the U.S. benchmark was hit by initial weaker demand expectations after the massive hit taken to U.S. Gulf Coast output and refineries from Hurricane Harvey and follow-on flooding inland in Texas. The U.S. West Texas Intermediate crude October contract fell 0.36% to $47.70 a barrel. Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery gained 0.40% to $52.19 a barrel. Hurricane Harvey has knocked offline ~22% of Gulf of Mexico oil production, or nearly 380 M bbl/pay out of 1.75 M, and ~26% of natural gas output, or 828 M cf/day out of 3.22 T, according to the U.S. Department of the Interior’s Bureau of Safety and Environmental Enforcement. In the refining sector, most Texas Gulf Coast refining and shipping is shut or curtailed.Exxon Mobil (NYSE:NYSE:XOM) closed its Baytown refinery at the Houston Ship Channel – the second largest refinery in the U.S., with production capacity of 560 K bbl/day – due to severe flooding. Royal Dutch Shell (LON:LON:RDSa) (RDS.A, RDS.B) says its 325 K bbl/day Deer Park refinery and chemical plant complex may be shut for a week, Petrobras (NYSE:PBR) shut its 112 K bbl/day Pasadena plant, and Phillips 66 (NYSE:NYSE:PSX) shut its 247 K bbl/day Weeny refinery. All Corpus Christi refineries already were closed, so the Houston plant closures compound worries about fuel shortages that could develop as rain continues; long-term refinery outages could cause fuel shortages and sharply higher gasoline prices around the U.S
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