# Oil markets roiled as Harvey hits US petroleum industry

> Oil markets were volatile after Tropical Storm Harvey flooded the US Gulf Coast, closing Houston's port and several refineries. US gasoline hit two-year highs, while US crude fell on expected lower refinery demand, and Libyan pipeline blockades cut that OPEC state's output by nearly 400,000 barrels per day.

- Date: 2017-08-28 · published 2017-08-28T12:00:00.000Z
- Category: logistics · region US · magnitude high
- Page: https://feedsoft.ai/events/69604-oil-markets-roiled-as-harvey-hits-us-petroleum-industry
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Over 2 million barrels per day of refining capacity offline lowers crude demand and raises product prices, shifting fuel costs for feed mills and haulers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-08-31 | [US oil set for biggest monthly loss in over a year as floods hit demand](https://feedsoft.ai/events/69602-us-oil-set-for-biggest-monthly-loss-in-over-a-year-as-floods-hit-demand.md) | +6.8% | +12.3% |
| WTI | 2017-08-30 | [Oil prices continue downward trend triggered by Harvey - UPI.com](https://feedsoft.ai/events/69605-oil-prices-continue-downward-trend-triggered-by-harvey-upi-com.md) | +5.8% | +12.2% |
| 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% |
| WTI | 2019-05-29 | [Midwest flooding disrupts U.S. crude, fuel cash markets](https://feedsoft.ai/events/10414-midwest-flooding-disrupts-u-s-crude-fuel-cash-markets.md) | -9.3% | -2.2% |
| WTI | 2020-04-21 | [Cushing storage hub constraints key to historic WTI crude oil price collapse](https://feedsoft.ai/events/53813-cushing-storage-hub-constraints-key-to-historic-wti-crude-oil-price-collapse.md) | -32.4% | +73.9% |
| BRENT | 2019-04-25 | [Brent Oil Hits $75 For First Time in 2019 as Russian Exports Cut](https://feedsoft.ai/events/9609-brent-oil-hits-75-for-first-time-in-2019-as-russian-exports-cut.md) | -2.7% | -3.5% |
| BRENT | 2022-03-22 | [Oil Rallies as U.S. Stockpiles Shrink, Black Sea Terminal Shuts - Bloomberg](https://feedsoft.ai/events/9150-oil-rallies-as-u-s-stockpiles-shrink-black-sea-terminal-shuts-bloomberg.md) | -4.6% | -10.5% |
| BRENT | 2017-12-11 | [Brent crude oil hits 2½-year high on Forties pipeline outage](https://feedsoft.ai/events/67645-brent-crude-oil-hits-21-2-year-high-on-forties-pipeline-outage.md) | -0.2% | +8.4% |

## Sources

- hydrocarbonprocessing.com: https://www.hydrocarbonprocessing.com/news/2017/08/oil-markets-roiled-as-harvey-hits-us-petroleum-industry/

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