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        <title>Texas's Loss Is Refining Stocks Gain as Hurricane Boosts Margins - Bloomberg</title>
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                <h1 class="lede-text-only__hed"><span class="lede-text-only__highlight">Texas's Loss Is Refining Stocks Gain as Hurricane Boosts Margins</span></h1>
                
                <address class="lede-text-only__byline">By <div class="author">Michael Bellusci
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                Gasoline crack spreads surged as storm approaches Texas
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            <div class="abstract__item-text">
                Gulf Coast refineries and offshore platforms shutting
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        <figcaption>
            <div class="lede-media-video__caption"><p>Oil Markets Brace for Hurricane Harvey</p>
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            <p>As long as&#xA0;<a itemscope="itemscope" itemprop="StoryLink" href="https://www.bloomberg.com/news/articles/2017-08-24/harvey-likely-to-be-first-hurricane-to-strike-texas-since-2008" title="Harvey Strengthens Into Hurricane Before Hitting Texas Friday" target="_blank"><meta itemprop="active" content="true"><meta itemprop="type" content="StoryLink"><meta itemprop="suid" content="OV79OP6S9728">Harvey</a> is sending U.S. refining margins soaring, the equity market seems to be happy with the hurricane that&#x2019;s threatening to wreak havoc on the Gulf Coast of Texas.</p><div class="hardwall" data-position="1"></div><div class="softwall" data-position="1"></div><p>While the tempest may flood refineries in Houston and Corpus Christi,&#xA0;refining stocks climbed as investors focused on the 13 percent surge in the so-called gasoline crack spread, a rough measure of profits from processing crude into fuel.</p><div class="hardwall" data-position="2"></div><div class="softwall" data-position="2"></div><p>&quot;Cracks typically increase with storm-related production outages as the impact on refinery runs is larger than the impact on demand,&quot; Brad Heffern, an analyst at RBC Capital Markets, said in a research report.&#xA0;&quot;It is fair to assume a small portion of refining production will be scaled back as the storm makes impact.&quot;</p><div class="hardwall" data-position="3"></div><div class="softwall" data-position="3"></div><figure data-type="image" data-id="317014535" data-image-type="chart" data-image-size="full" data-align="center" style="max-width: 1185px;" class="figure-expandable"><div class="image"><div id="lazy-img-317014535" class="lazy-img"><style>#lazy-img-317014535:before{padding-top:60.084388185654014%;}</style><img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iVijq9WagMbc/v2/60x-1.png" data-native-src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iVijq9WagMbc/v2/-1x-1.png" class="lazy-img__image"></div></div></figure>
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        <p>Harvey is poised to hit Texas&#x2019;s coast Friday.&#xA0;Governor Greg Abbott declared a state of disaster for 30 counties. The hurricane has already disrupted operations along the Gulf Coast, which accounts for nearly half the country&#x2019;s refining capacity.</p><div class="hardwall" data-position="4"></div><div class="softwall" data-position="4"></div><p>Bloomberg Intelligence&#x2019;s refining index rose 2.1 percent -- led by <a itemscope="itemscope" itemprop="StoryLink" href="/quote/HFC:US" title="Intraday Price Chart" target="_blank" rel="nofollow noopener"><meta itemprop="active" content="true"><meta itemprop="type" content="FunctionLink"><meta itemprop="security" content="HFC US Equity"><meta itemprop="function" content="GIP">HollyFrontier Corp.</a>&#x2019;s 4 percent jump and <a itemscope="itemscope" itemprop="StoryLink" href="/quote/VLO:US" title="Historical OHLC with % Chg" target="_blank" rel="nofollow noopener"><meta itemprop="active" content="true"><meta itemprop="type" content="FunctionLink"><meta itemprop="security" content="VLO US Equity"><meta itemprop="function" content="HCPI">Valero Energy Corp</a>.&#x2019;s 3 percent gain. Meanwhile, <a itemscope="itemscope" itemprop="StoryLink" href="https://www.bloomberg.com/news/articles/2017-08-23/oil-holds-gains-above-48-after-u-s-stockpiles-extend-declines" title="Oil Slumps as Harvey Heads Toward Refineries on Texas Gulf Coast" target="_blank"><meta itemprop="active" content="true"><meta itemprop="type" content="StoryLink"><meta itemprop="suid" content="OV7ALVSYF01S">crude futures</a> declined as much as 2.8 percent in New York as the refinery shutdowns will likely lower demand for oil.</p><p>Gasoline futures for September delivery rose as much as 3.3 percent to $1.6719 a gallon. The gasoline crack spread climbed as much as 12 percent to $17.69 a barrel for New York-traded benchmarks.</p><p>Magellan Midstream Partners LP <a itemscope="itemscope" itemprop="StoryLink" href="/news/terminal/OV79HESYF02E" title="STORM WRAP: Refineries, Platforms Shut Before Harvey Hits Texas" class="terminal-news-story" target="_blank" rel="nofollow noopener"><meta itemprop="active" content="true"><meta itemprop="type" content="StoryLink"><meta itemprop="suid" content="OV79HESYF02E">suspended</a> operations at its Corpus Christi marine terminal and condensate splitter early Thursday. Citgo is also weighing shutting its refinery in the area.</p><ol class="noscript-footnotes"></ol>
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