September 4 Weekly Update

9/4 – Hurricane Harvey, one of the most catastrophic flooding events in U.S. history, hit the heart of America’s energy industry last week. According to the Energy Dept, 10 refineries in the Gulf Coast region – representing 17% of total U.S. refining capacity – were shut down as of Thursday. While several of those facilities have announce plans to come back on line, others are still assessing flood damage, plant accessibility and the ability to get displaced employees back to work. The storm also shut down the Colonial Pipeline, which services the east coast as far north as NY. Potential fuel disruptions and price increases will be mostly regional and could last for several months. So far, southeastern states have been most affected with gasoline prices in SC jumping $.20/gal, albeit from historically low levels. Gasoline futures are indicating elevated prices through October.