Fuel Price Update:
At CPS Fuels we never like to be the bearer of bad news but sadly the oil market commentators believe the price of all fuels is set to rise as a result of Storm Harvey in the USA.
Oil prices hit their highest since mid-2015 on Wednesday as flooding and damage from Tropical Storm Harvey shut over a fifth of U.S. refineries, curbing demand for crude while raising the risk of fuel shortages.
Refineries with output of 4.1 million barrels per day (bpd) were offline on Tuesday, representing 23 percent of U.S. production, Goldman Sachs said. Restarting plants even under the best conditions can take a week or more.
Oil tank damaged by Hurricane Harvey near Seadrift, Texas, 26th August 2017 Credit: REUTERS/Rick Wilking
“It will be a while before operations can return to normal and the U.S. refining industry is bracing itself for an extended shutdown,” Stephen Brennock of oil broker PVM said.
Source: Fuel Prices On line
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