International oil prices fell slightly on Friday, with some of the refineries on the coast of Mexico, which had been affected by Harvey, to resume production, fueling worries about fuel shortages and rising dollar pullback. US WTI crude oil futures prices hit a minimum of 46.56 US dollars / barrel, Brent crude oil futures intraday minimum hit 52.25 US dollars / barrel.
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Harvey has been stepped down from the hurricane to tropical storm since entering the interior, but has killed more than 40 people and brought historic floods, leading to at least 4.4 million barrels per day of oil refining capacity forced off the assembly line, Accounting for about a quarter of the total US refining capacity.
US gasoline prices hit a two-year high of more than $ 2 / gallon on Thursday, but with the two refineries restart production, the US gasoline crack spread fell by nearly 11%, while gasoline futures fell 5%.
“The good news for consumers is that some of the refineries have restarted production and the market has seen the dawn of the darkness,” said John Kilduff, a partner at the energy hedge fund Again Capital.
Marathon Petroleum Corp’s Galveston Bay refinery in Texas has restored its capacity to 45%, with full capacity of 459,000 b / d. Citgo Petroleum Corp has also begun refueling its refinery capacity at Corpus Christi, which has a refining capacity of 15.75 million barrels per day.
On the other hand, the US government yesterday approved the release of 1 million barrels of strategic crude oil reserves, will be transported to a refinery in Louisiana to fill the supply gap.
In addition, the Reuters survey showed that the Organization of Petroleum Exporting Countries (OPEC) August production fell 17 million barrels / day.
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