As Harvey Heads for Refineries, Oil Prices Take a Beating

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By Sophie Caronello and David Marino
As Hurricane Harvey strengthens in the Gulf of Mexico, traders are taking note. Crude prices are down 2.6 percent in New York as only a few oil and natural gas platforms in the storm’s path have been shut, while its rainfall threatens to flood refineries in Corpus Christi and Houston.

With the storm “you have much less oil demand and you have a commensurate drop in product demand, amid the likelihood of refinery shutdowns,” said Kyle Cooper, director of research with IAF Advisors in Houston.

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