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                            Aug 25 2017 at 5:47 AM
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    </ul><h1 itemprop="headline name">Oil falls sharply as Hurricane Harvey threatens Texas Gulf Coast</h1>
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<div class="parsys parsys-article-content-top"><div class="cq-article-content-paras section">
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          <p>Hurricane Harvey is sending oil tumbling and gasoline margins soaring as it approaches the refining hub on the Gulf Coast of Texas.</p><p>Futures fell as much as 2.8 per cent in New York. Harvey, the first hurricane to strike Texas since 2008, has forced workers off some platforms, closed marine terminals and threatens to flood refineries in Houston and Corpus Christi.</p><p>With the storm "you have much less oil demand and you have a commensurate drop in product demand", amid the likelihood of refinery shutdowns, Kyle Cooper, director of research with IAF Advisors in Houston, said by telephone. "There is a very serious risk of flooding."</p><p>The hurricane is intensifying a rout driven by concerns over rising output from producers such as the US and Libya as the Organisation of Petroleum Exporting Countries and its allies struggle to drain a global glut. Futures in New York are down by almost 6 per cent this month.</p></div>
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<div class="cq-article-content-paras section"><p>West Texas Intermediate for October delivery declined $US1.27 to $US47.14 a barrel at 12.37pm on the New York Mercantile Exchange. Total volume traded was about 3 per cent below the 100-day average.</p></div>
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<div class="cq-article-content-paras section"><p>Brent for October settlement slid 91 cents to $US51.66 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a premium of $US4.52 to WTI.</p><p>As Harvey approaches, Royal Dutch Shell shut production at its Perdido platform in the Gulf of Mexico and evacuated the facility, while Anadarko Petroleum shut in production and also evacuated personnel at several oil and gas production platforms. Magellan Midstream Partners suspended operations at its Corpus Christi marine terminal and condensate splitter. Flint Hills Resources will shut down all operational units at its West Plant and East Plant in the area.</p><p>Gasoline futures for September delivery rose as much as 2.5 per cent to $US1.659 a gallon. The gasoline crack spread, a rough measure of the profit from refining crude into gasoline, climbed as much as 12.3 per cent to $US17.69 a barrel for New York-traded benchmarks.</p><p>Gasoline crack spreads are climbing on the assumption "that you'll have enough loss of refinery output with a day or two shutdown", Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by telephone.</p></div>
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 <li>Shell says almost all of the Pernis refinery units in Rotterdam are back in use following last month's fire.</li> 
 <li>The latest US government data showed crude production at the highest level since July 2015, even as crude stockpiles turned lower for an eighth straight week.</li> 
 <li>OPEC's Joint Ministerial Monitoring Committee, which oversees implementation of the cuts, plans to invite Nigeria and Libya to gatherings in Vienna next month.</li> 
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