- Harvey has strengthened into a Category 3 hurricane, with sustained winds of 120 mph, according to the latest update from the U.S. National Hurricane Center.
- While Harvey's course has spared much oil and natural gas production in the Gulf of Mexico, the storm is set to hit a cluster of refineries that process nearly 5M barrels of oil per day.
- The major question for refineries and traders is how long the storm stalls over the area, Andy Lipow, president of Lipow Oil Associates, tells CNBC: "If we get rapid accumulation in 24 hours, the refineries simply can't pump the water fast enough out of the location, which could lead to damage to electric pumps in refineries, potentially requiring repairs that could take weeks or months.
- Terminals at Port Houston, a major shipping hub for petroleum products and container cargo, are no longer accepting arriving vessels or any deliveries by truck, and port facilities in Galveston, Corpus Christi and elsewhere along the coast also are closed.
- ETFs: XLE, VDE, ERX, XOP, OIH, GASL, FCG, ERY, DIG, BGR, XES, FENY, DUG, IYE, GUSH, IEO, DRIP, FIF, IEZ, GASX, PXE, NDP, RYE, PXJ, FXN, CRAK, DDG, NANR, SOP, UOP, JHME, ERYY, FTXN, ERGF
- Now read: Reverse Oil ETF (NYSE:USO) DRIP Is Finally Heating Up: Big Gains To Be Made On Oil Bear Market
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Hurricane Harvey updated to Category 3; area refineries at risk
Published 08/25/2017, 03:25 PM
Hurricane Harvey updated to Category 3; area refineries at risk
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