# US oil set for biggest monthly loss in over a year as floods hit demand

> US crude oil was on track for its steepest monthly loss in over a year as Harvey knocked out about a quarter of US refining capacity, around 4.4 million barrels per day. Gasoline futures rallied to a two-year high above $2 a gallon, and the Colonial Pipeline shut its main product lines.

- Date: 2017-08-31 · published 2017-08-31T12:00:00.000Z
- Category: logistics · region US · magnitude high
- Page: https://feedsoft.ai/events/69602-us-oil-set-for-biggest-monthly-loss-in-over-a-year-as-floods-hit-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Refinery shutdowns cut crude demand and push crude lower, while fuel shortages lift diesel and gasoline prices, a split that affects costs for feed transport and grain drying.

## Read by commodity

- WTI: bearish ▼
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-08-28 | [Oil markets roiled as Harvey hits US petroleum industry](https://feedsoft.ai/events/69604-oil-markets-roiled-as-harvey-hits-us-petroleum-industry.md) | -0.9% | +8.9% |
| WTI | 2026-09-16 | [WTI falls near $100 as Saudi adds Oman route, US stocks surge — Octa](https://feedsoft.ai/events/17632-wti-falls-near-100-as-saudi-adds-oman-route-us-stocks-surge-octa.md) | -10.2% | -10.9% |
| WTI | 2017-08-31 | [Gas spikes as largest US refinery reportedly offline up to 2 weeks](https://feedsoft.ai/events/69603-gas-spikes-as-largest-us-refinery-reportedly-offline-up-to-2-weeks.md) | +6.8% | +12.3% |
| WTI | 2021-03-26 | [Ringgit falls as oil slumps due to Suez Canal blockage](https://feedsoft.ai/events/48388-ringgit-falls-as-oil-slumps-due-to-suez-canal-blockage.md) | +5.0% | +6.3% |
| WTI | 2021-09-15 | [U.S. Gulf Coast oil companies resume Ida recovery as Nicholas recedes \| Reuters](https://feedsoft.ai/events/45229-u-s-gulf-coast-oil-companies-resume-ida-recovery-as-nicholas-recedes-reuters.md) | +0.0% | +14.5% |
| DIESEL | 2026-10-29 | [U.S. Bank Freight Payment Index: Shipper Costs Hit Five-Year High as Freight Demand Stalls](https://feedsoft.ai/events/1461-u-s-bank-freight-payment-index-shipper-costs-hit-five-year-high-as-freight.md) | -2.4% | — |
| DIESEL | 2022-10-28 | [Oil Futures Mixed, ULSD Spikes to 6-Month High on Low Supply](https://feedsoft.ai/events/7923-oil-futures-mixed-ulsd-spikes-to-6-month-high-on-low-supply.md) | -4.2% | -25.3% |
| DIESEL | 2017-08-28 | [Oil markets roiled as Harvey hits US petroleum industry](https://feedsoft.ai/events/69604-oil-markets-roiled-as-harvey-hits-us-petroleum-industry.md) | +8.4% | +14.3% |

## Sources

- hydrocarbonprocessing.com: https://www.hydrocarbonprocessing.com/news/2017/08/us-oil-set-for-biggest-monthly-loss-in-over-a-year-as-floods-hit-demand/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.