Published: Thu, August 31, 2017
Economy | By Melissa Porter

Mayor Of Port Arthur, Texas, Streams Video From Inside His Flooded Home

Mayor Of Port Arthur, Texas, Streams Video From Inside His Flooded Home

KFDM-TV reports the situation in Port Arthur is dire as homes were expected to fill with rising floodwaters and residents unsure of how to evacuate the city.

The move became expedient when Harvey made a second landfall this morning near the Louisiana-Texas border - the border of both states in which Port Arthur sits. Around 2.2 million barrels per day of refining capacity has been disrupted.

"The continued increase in flooding creates high uncertainty on the amount of damage that USA refineries will incur, the pace at which the shutdown will reverse and the magnitude of capacity that will be impaired over the next few months", Goldman Sachs analysts wrote in a note. Flares can be a signal of the shutdown of a unit or units at a refinery. Its ports import and export millions of barrels per day (bpd) of crude and fuel. "Excessive runoff from heavy rainfall will cause flooding of small creeks and streams, urban areas, highways, streets and underpasses, as well as other drainage areas and low-lying spots". The National Weather Service issued a flash-flood warning for parts of southeastern Texas, including the cities of Beaumont and Port Arthur, which received more than 26 inches of rain in some areas on Tuesday alone.

"As refineries have been shut down (due to damage, the inability for workers to reach them, or the inability to get gasoline out of them) a lack of demand for oil has been created". Prices in the region have risen as supply falls due to refinery closures.

Harvey has had a greater impact on refining than on production, and this is why oil prices have been trickling downwards, going in the opposite direction of gasoline prices, according to a research team at LPL Financial. As of Tuesday, it changed its destination to New Orleans. Asian refiners are also keen to buy USA cargoes and concerned about delays to those they have already bought, shipping sources said.

USA crude prices have fallen because refiners are processing less oil.

There were faint signs of relief in Corpus Christi, where Valero's Three Rivers refinery was preparing to resume operations.

Vessels moving in and out of Energy Transfer Partners' Nederland terminal in Texas have been delayed, sources said.

The Houston Ship Channel was shut, and the Port of Houston will remain closed on Wednesday.

Dozens of evacuees were stranded in a bowling alley, the station said.

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