Crude Prices Rise, Gasoline Futures Ease Lower

5% of US Gulf Oil Output Still Shut After Harvey

5% of US Gulf Oil Output Still Shut After Harvey

As much of the USA shut down for Monday's Labor Day holiday, Gulf Coast refiners continued their recovery from the devastation of Hurricane Harvey.

The U.S. National Hurricane Center's forecast path for the storm has Irma passing south of Florida on Sunday on its way into the Gulf of Mexico. Key fuels pipelines planned to restart as more of the oil refineries that feed them ramped up production.

West Texas Intermediate crude for October delivery added $1.44 to $48.73 a barrel at 12:33 p.m. on the New York Mercantile Exchange. Valero Energy Corp. returned two Texas facilities to pre-storm rates, Citgo Petroleum Corp. restarted its Corpus Christi refinery and Exxon Mobil Corp. began shipping fuels through pipelines in the Houston area.

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"I don't think anybody's - I can't think of too many teams that have handled us better than the way they handled us in 2014". I hope none of our players, young players, guys who this is the first time they've been on this team, take that attitude.

Refineries accounting for one quarter of United States capacity were shut down, imports and exports of both oil and products nearly came to a halt as ports closed due to the devastating storm that caused havoc across Texas last week. As of Sept. 3, Colonial was targeting Sept. 4 for restarting its 1.056 million bpd main distillate line between Houston and Hebert and Sept. 5 for its main 1.272 million bpd gasoline pipeline. Many people lost their lives as a result of Hurricane Harvey and the final bill for reconstruction that Texas will have to face in the weeks, months and years to come is still unclear.

If that were the only consideration, the answer would be "Yes, the decline in production should be pushing oil prices higher". Official supply figures from the U.S. Energy Information Administration are slated for Thursday.

Texas Governor Greg Abbott estimated damage at $150 billion to $180 billion, calling it more costly than Hurricanes Katrina or Sandy, which hit New Orleans in 2005 and NY in 2012 respectively.

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I think that's important from an integrity perspective going forward". "We will conduct a thorough investigation on both sides". The franchise said it is committed to fully cooperate with the investigation, which has been going on for almost two weeks.

The global benchmark, Brent crude, ended the day 41 cents lower at $52.34 per barrel, in part due to geopolitical tensions.

Traders were nervously eyeing developments in North Korea, where the military conducted its sixth and most powerful nuclear test over the weekend.

Crude oil futures for October delivery were up 1.3 percent, to $48.59 per barrel just after the markets opened, while West Texas Intermediate, the US benchmark for the price of oil, was up 1.1 percent to $47.83 a barrel. Spot gold prices rose for a third day, gaining 0.9 percent on Monday. There was no settlement Monday because of the U.S. Labor Day holiday.

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