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			Harvey upgraded to hurricane as it nears Texas

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			<time class="article-date" itemprop="datePublished" datetime="2017-08-24T17:34:37.000Z">August 24, 2017 5:34 pm</time>
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			<p>Hurricane Harvey is coming.</p><p>On Thursday afternoon, the National Weather Service’s National Hurricane Center officially upgraded Harvey from a tropical storm to hurricane, as its wind speed reached 80 miles an hour. It is expected to make landfall along the southern Texas coast on Friday.</p><p>The US Gulf of Mexico is <a href="https://www.ft.com/content/93d79430-88d6-11e7-bf50-e1c239b45787" data-vars-link-destination="https://www.ft.com/content/93d79430-88d6-11e7-bf50-e1c239b45787" data-vars-link-type="inline" data-vars-link-text="home">home</a> to about 17 per cent of the nation’s crude oil output, and more than 45 per cent of US oil refining capacity is along the Gulf coast.</p><div class="ad-container"><amp-ad width="300" height="250" type="doubleclick"></amp-ad></div><p>As the storm approaches, the price of a barrel of West Texas Intermediate — the US standard — was down 2.5 per cent to $47.21. Nymex RBOB gasoline contracts, meanwhile, ticked up 2.2 per cent to $1.65 a gallon.</p><p>The differing directions represents expectations that the storm may have a more dramatic impact on the price of products that crude oil is refined into, like gasoline, as opposed to crude itself. Mizuho energy analyst Robert Yawger estimated that as much of a third of US refinery capacity would be in Harvey’s crosshairs.</p>

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