Pump prices were at $2.59 a gallon on Saturday, according to motorists advocacy group AAA, up 3 percent from Friday and 16.7 percent higher on average than a year ago.
"At least 20 tankers were booked to load European fuels for the USA since Harvey made landfall, a rate almost double the average for August, shipping data compiled by Bloomberg show".
Motiva Enterprises LLC's Port Arthur refinery, the country's biggest, began a controlled shutdown because of severe flooding.
Gas stations in Butler and Warren counties had been as low as $2.15 this week, but were also seeing price hikes.
This development is said to be frustrating for OPEC countries now restricting oil supplies in an attempt to push prices higher. They have risen as much as 12 cents in some states, like Georgia.
The grain sector turned higher for the first time in five weeks with short covering emerging ahead of month end and a long weekend in the United States due to its September Labor day holiday. The premium for Chicago-area gasoline above benchmark futures is at its highest since June 2016, while the Gulf Coast price is at its widest above futures since August 2012.
At least two East Coast refineries have run out of gasoline for immediate delivery as they scrambled to fill barges for markets normally supplied by the Gulf Coast, two refinery sources said. Colonial also services major airports, including Atlanta's Hartsfield Airport, the busiest US terminal, and Washington's Dulles.
Oxlade-Chamberlain reveals why he left Arsenal for Liverpool
One player who did land a move away was England worldwide Oxlade-Chamberlain, who completed the formalities on his transfer to Liverpool .
Given the across the board beat on expectations in last month's World Supply and Demand Estimates, or WASDE, report, which help send the sector sharply lower, the market may start to look for some price-supportive down revisions on production and yields. "You've pretty much sapped a major chunk of Gulf Coast refining demand", said Anthony Scott, managing director of analytics at BTU Analytics in Denver.
On top of that, the Colonial Pipeline, which sends millions of gallons of gasoline a week from Texas to NY and New Jersey, is also closed temporarily due to the refinery shutdowns.
In addition to shutting oil refineries, about 1.4 million bpd of USA crude production has been disrupted, equivalent to 15 percent of total output, Goldman Sachs said. Total commercial petroleum inventories decreased by 1.1 million barrels last week.
In contrast with previous major hurricanes such as Katrina in 2005, Harvey has actually seen oil prices edge down, as traders focused more on the hit to demand from damaged USA refineries than the blow to supply from knocked-out production.
"There's a huge logistical challenge going on at the moment because those refineries up and running don't have access to the oil they need", said Smith.
Roughly one-third of the country's refining capacity is located between Corpus Christi, Texas, and Lake Charles.
Goldman Sachs said in a research note that an estimated 3 million barrels per day of refining capacity was offline, as of Monday. "The good news for consumers is that it seems some of the units are in the process of getting back in operation".
However, the extreme flooding could prevent some refinery workers from being able to return to work. "It's devastating to have your home flooded and deal with that emotional trauma".