Oil prices pulled by Harvey, North Korea

Interstate highway 45 is submerged from the effects of storm Harvey in Houston

Interstate highway 45 is submerged from the effects of storm Harvey in Houston

That meant at least 3.65 million barrels per day (bpd) of refining capacity was offline, or 19.6 percent of total USA capacity, based on company reports and Reuters estimates.

USA gasoline prices were over 3 percent higher at $1.8380 per gallon.

USA oil prices finished Wednesday with a loss (http://www.marketwatch.com/story/oil-pulls-back-further-as-harvey-continues-to-weigh-2017-08-30), at their lowest level in more than four weeks.

WTI light sweet crude oil was down 43 cents at $47.44 a barrel as refinery demand is expected to drop considerably.

"Around 2-3 million bpd of refining capacity is offline or in the process of shutting down".

The front-month contract in USA crude's benchmark West Texas Intermediate (WTI) futures settled down $0.13, or 0.3%, at $46.44 a barrel on the New York Mercantile Exchange (NYMEX).

Brent for October delivery is down 0.077% and WTI futures for the same month are down 0.151% at $46.50 a barrel.

Cummins unveils next-gen diesel engines and electric truck
In 2020, it will offer a hybrid "extended range" version with a diesel engine that powers the generator. The company plans to make radical technological advancements in the coming years.

About 22 percent of U.S. Gulf of Mexico oil production is offline due to Tropical Storm Harvey, the U.S. Department of the Interior's Bureau of Safety and Environmental Enforcement (BSEE) said on Sunday. The contract's peak was $1.7888, the highest for NYMEX gasoline since July 2015.

The market continues to react to the storm by selling crude.

Motiva Enterprises made a decision to close its 603,000bpd plant in Port Arthur, Texas, while Total halved the output of its refinery, which is in the same area.

Spot earnings for medium range (MR) tankers in the US Gulf may take a hit if refineries along the Texas coast remain shut in the wake of Hurricane Harvey. The API reported that oil reserves in the country for the week ended on August 25, decreased by 5.78 million barrels, to 457.42 million barrels.

Given the reference period, the data will not have been affected by Hurricane Harvey and the overall impact was limited by uncertainty surrounding the impact of the storm on oil production and refinery capacity.

Yet crude remains in ample supply, resulting in low prices, with Jefferies bank saying it is lowering its fourth-quarter Brent oil price estimates to $55 a barrel from $60 and its 2018 forecast to $57 from $64.

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