# Oil prices continue downward trend triggered by Harvey - UPI.com

> Crude oil extended its decline as Harvey left refineries closed along the Gulf Coast, with the Port Arthur refinery shutting down for flood conditions. WTI traded near $46 per barrel, and Goldman Sachs estimated up to 10 percent of regional refining capacity could be offline for months.

- Date: 2017-08-30 · published 2017-08-30T12:00:00.000Z
- Category: logistics · region US · magnitude medium
- Page: https://feedsoft.ai/events/69605-oil-prices-continue-downward-trend-triggered-by-harvey-upi-com
- 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

Lower refinery runs weaken crude demand and build Cushing stocks, pushing crude prices down while product tightness persists.

## Read by commodity

- WTI: bearish ▼
- BRENT: 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 | 2017-12-01 | [Transportation constraints and export costs widen the Brent-WTI crude oil price spread](https://feedsoft.ai/events/68167-transportation-constraints-and-export-costs-widen-the-brent-wti-crude-oil-price.md) | -1.5% | +5.3% |
| WTI | 2018-05-31 | [Explaining The Double Digit WTI Discount \| OilPrice.com](https://feedsoft.ai/events/65179-explaining-the-double-digit-wti-discount-oilprice-com.md) | -5.1% | +11.1% |
| 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% |
| WTI | 2025-11-17 | [Oil prices ease after loadings resume at Russian export hub \| Reuters](https://feedsoft.ai/events/22107-oil-prices-ease-after-loadings-resume-at-russian-export-hub-reuters.md) | -3.3% | -6.1% |
| BRENT | 2020-05-22 | [Suez Canal suffers double blow from pandemic, collapse of oil prices \| Mohamed Hammad \| AW](https://feedsoft.ai/events/53022-suez-canal-suffers-double-blow-from-pandemic-collapse-of-oil-prices-mohamed.md) | -1.9% | +19.3% |
| BRENT | 2025-11-17 | [Oil prices ease after loadings resume at Russian export hub \| Reuters](https://feedsoft.ai/events/22107-oil-prices-ease-after-loadings-resume-at-russian-export-hub-reuters.md) | -2.0% | -3.6% |
| BRENT | 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) | +4.5% | +7.1% |

## Sources

- upi.com: https://www.upi.com/Energy-News/2017/08/30/Oil-prices-continue-downward-trend-triggered-by-Harvey/7191504099801/

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