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Texas refining industry on watch for possible hurricane

  • Texas Gulf coast oil refiners are closely watching a developing storm that could become the first hurricane to make landfall in Texas in nine years.
  • Nearly a third of U.S. refining capacity appears to be in the storm's path on the Texas and western Louisiana coastlines; the storm is not expected to become a major hurricane, but it could be a major flooding event that would disrupt refining and possibly drilling operations.
  • The oil industry is making preparations, with Anadarko Petroleum (NYSE:APC) already pulling workers from its Gulf of Mexico platforms, and refiners assessing their operations.
  • Oil prices rose today but gasoline futures spiked much more, as traders speculate any flooding could temporarily keep gasoline from the area off the U.S. market because of transportation problems or shuttered refineries.
  • Among companies with major facilities in the area: XOM, PSX, VLO, MPC, LYB, RDS.A, RDS.B

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