Gasoline at Two-Year High as Harvey Shuts Largest U.S. Refinery
- Motiva Port Arthur refinery had controlled shutdown Wednesday
- U.S. crude stockpiles fell for ninth straight week: EIA
Gasoline Up, Oil Down as Harvey Hits Again
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Gasoline hit a new a two-year high as investors assess the impact of refinery outages and restarts as Harvey moves away from the Houston area.
With the storm sliding farther inland over Southwestern Louisiana, Motiva Enterprises LLC’s Port Arthur refinery, the country’s biggest, began a controlled shutdown. The disruption helped send motor fuel up 5.7 percent in New York, while oil slipped. An Energy Information Administration report showed U.S. crude stockpiles slid for a ninth week, though production -- often given more weight by traders -- continued to rise last week.