Home » Posts tagged 'Hurricane Harvey' (Page 4)

Tag Archives: Hurricane Harvey

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

US Releases 500,000 Barrels Of Oil From Strategic Reserve As Largest US Refinery May Be Shut For 2 Weeks

US Releases 500,000 Barrels Of Oil From Strategic Reserve As Largest US Refinery May Be Shut For 2 Weeks

The U.S. Energy Department announced on Thursday that it would release 500,000 barrels of crude oil from the US Strategic Petroleum Reserve as a result of the disruption to the US petroleum industry following Hurricane Harvey amid fears of a surge in motor fuel prices, which have been compounded by the previously reported shuttering of the Colonial pipeline. According to the DOE statement, the oil will be delivered to the Phillips 66 refinery in Lake Charles, Louisiana, a plant which has not been affected by the storm.

According to Reuters, the release – the first emergency release from the reserve since 2012 – will include 200,000 barrels of sweet crude and 300,000 barrels of sour crude oil. It was an exchange agreement, meaning the government will loan crude to Phillips 66, which is required to replace the reserve’s oil at a later date.

The Energy Department “will continue to provide assistance as deemed necessary, and will continue to review incoming requests for SPR crude oil,” spokeswoman Jess Szymanski said.

The reserve, a legacy from the 1970s Arab oil embargo which caused panic over fuel supply, currently contains 679 million barrels of oil. It is a small release of crude for a country that uses nearly 20 million barrels of petroleum daily.

Do you ever have questions about when the right time to enter or exit a market is? Do you ever wonder what the signs or trends are that can help you identify these moments well in advance? In futures trading, timing is everything, and with the Technical Analysis Trading guide from RJO Futures, our experts will give you the tools you need to make educated decisions on your trading strategy. Our FREE guide is jammed packed with tips and advice from our futures brokers – it’s like they’re sitting next to you!

…click on the above link to read the rest of the article…

Gasoline Prices Surge After Colonial Pipeline Shutdown, East Coast Fuel Shortages Loom

Gasoline Prices Surge After Colonial Pipeline Shutdown, East Coast Fuel Shortages Loom

Gasoline prices have exploded higher once again this morning – topping the Maginot Line of $2.00 for the first time since July 2015 – following reports that the main conduit for fuel from the Gulf to the East Coast has been shut due to Hurricane Harvey.

Motor fuel prices climbed as much as 6.6 percent in New York, advancing for an eighth session, while crude oil was little changed. Harvey has shuttered about 23 percent of U.S. refining capacity, potentially cutting fuel-making ability to the lowest level since 2008 and depriving the Colonial Pipeline of supplies.

Its operator was forced to shut the main diesel line late Wednesday and planned to halt its gasoline line Thursday, meaning motorists from Maine to Florida may soon see higher prices at the pump.

Colonial, which is the biggest single fuel transporter in the US, shipping more than 2.5m barrels a day on its line – or roughly one in every eight barrels of fuel consumed in the country – said in a statement late on Wednesday that its line carrying diesel and jet fuel would shut on Wednesday evening, followed by its gasoline pipe on Thursday.   

And that sent front-month RBOB above $2…

Do you ever have questions about when the right time to enter or exit a market is? Do you ever wonder what the signs or trends are that can help you identify these moments well in advance? In futures trading, timing is everything, and with the Technical Analysis Trading guide from RJO Futures, our experts will give you the tools you need to make educated decisions on your trading strategy. Our FREE guide is jammed packed with tips and advice from our futures brokers – it’s like they’re sitting next to you!

…click on the above link to read the rest of the article…

CO2 is Changing the Jet Stream in Ways that will Create more Harveys

“The record for total rainfall from a tropical system has been BROKEN!” the National Weather Service tweeted Tuesday morning. The previous record for wettest tropical system in the continental United States was 48 inches. Harvey had already hit 49.20, and the rain was still coming.

“Many textbooks have the 60-inch mark as a once-in-a-million-year recurrence interval,” as the Washington Post Weather Gang reported Sunday.

We’re seeing these staggering rainfall totals because this tropical storm hovered in place for days over southeast Texas, sweeping in vast quantities of moisture from the warm waters in the Gulf of Mexico. And the latest science points a finger at climate change for this.

“The kind of stalled weather pattern that is drenching Houston is precisely the sort of pattern we expect because of climate change,” climatologist Michael Mann explained in an email to ThinkProgress. Earlier this year, Mann co-authored a study explaining how human-caused warming is changing our atmosphere’s circulation, including the jet stream, in a way that leads to “increase in persistent weather extremes” during the summer.

“I agree with Mike [Mann] that the weak steering currents over the south-central US coincident with Harvey are consistent with our expectations for a warmer world, which of course includes effects of a very warm Arctic,” Jennifer Francis, a climate scientist at Rutgers University, told ThinkProgress.

…click on the above link to read the rest of the article…

Arkema CEO: “No Way To Prevent Imminent Explosion” At Flooded Texas Chemical Plant

Arkema CEO: “No Way To Prevent Imminent Explosion” At Flooded Texas Chemical Plant

Yesterday we reported, that in a potentially disastrous outcome from the Harvey flooding, a chemical plant in Crosby, Texas belonging to French industrial giant Arkema SA, has announced it is evacuating workers due to the risk of an explosion, after Tropical Storm Harvey knocked out power and flooding swamped its backup generators. The French company said the situation at the plant “has become serious” and said that it is working with the Department of Homeland Security and the State of Texas to set up a command post in a suitable location near our site.

The plant, which produces explosive organic peroxides and ammonia, was hit by more than 40 inches of rain and has been heavily flooded, running without electricity since Sunday. The plant was closed since Friday but has had a skeleton staff of about a dozen in place. Following the flood surge, the plant’s back-up generators also failed. The threat emerged once the company could no longer maintain refrigeration for chemicals located on site, which have to be stored at low temperatures. The plant lost cooling when backup generators were flooded and then workers transferred products from the warehouses into diesel-powered refrigerated containers.

On Tuesday afternoon, the company released a statement which admitted that “refrigeration on some of our back-up product storage containers has been compromised due to extremely high water, which is unprecedented in the Crosby area.  We are monitoring the temperature of each refrigeration container remotely.” It then warned that “while we do not believe there is any imminent danger, the potential for a chemical reaction leading to a fire and/or explosion within the site confines is real.”

One day later, and with the torrential rains finally over, has the situation at the giant peroxide chemical plant stabilized? Unfortunately, according to Reuters, the answer is no.

…click on the above link to read the rest of the article…

Houston Reeling Amid Outbreak Of Looting, Armed Robberies; Vigilantees Emerge

Houston Reeling Amid Outbreak Of Looting, Armed Robberies; Vigilantees Emerge

Inevitably every major metropolitan crisis brings out the best and worst of what humanity has to offer.  While hundreds/thousands of people have rushed into Houston following the epic destruction of Hurricane Harvey to help in any way possible, others have once again predictably chosen to exploit the misery of others by looting abandoned shopping centers, robbing empty homes and even breaking into the Houston Apple Store (by shooting through the front door).


The doors to a flooded @Apple Store in appear to have been shot at with a firearm. Looters have been rampant.


In fact, just last night Houston’s Mayor was forced to impose a strict midnight to 5am curfew amid “an outbreak of looting and armed robberies, in order to prevent property crimes against evacuated homes in the city.  As Reuters notes, the curfew came after, among other things, reports surfaced of people impersonating police officers all so they could tell residents to evacuate their homes and then promptly rob them blind.

That proved too little for county officials who set up their own location as an outbreak of looting and armed robberies prompted the city to order an indefinite curfew from midnight to 5 a.m. (0500 to 1000 GMT).

Houston Police Chief Art Acevedo said late Tuesday individuals impersonating police officers knocked on doors in at least two parts of the city telling residents to evacuate their homes.


Imposing curfew from 10 pm to 5 am to stop any property crimes against evacuated homes in city limits.


…click on the above link to read the rest of the article…

Harvey Makes Second Landfall In Louisiana After Leaving “Apocalyptic” Flooding, Record Rainfall In Texas

Harvey Makes Second Landfall In Louisiana After Leaving “Apocalyptic” Flooding, Record Rainfall In Texas

Five days after it first plowed into southwest Texas as a category 4 hurricane, Tropical Storm Harvey has made second landfall west of Cameron on the border between Texas and Louisiana, early Wednesday according to the National Hurricane Center. The storm, which has already pummeled the city of Houston with more than 50 inches of rain – a new record for the contiguous US, according to the Wall Street Journal – has left at least 18 dead, including two Houston police officers, and forced tens of thousands of people from their homes.

Though the hurricane (now tropical storm) has wreaked widespread devastation on Texas, Reuters says citizens of Western Louisiana have at least one silver lining to cling to: torrential rains are expected to cease later on Wednesday as the storm picks up speed and moves northeast away from the Gulf of Mexico. NOAA was forecasting less than an inch of rain for the Houston area on Wednesday, with a slight chance of sunshine.

“Harvey, which made landfall west of Cameron, Louisiana on Wednesday, was expected to produce an additional 3 to 6 inches (7.5 to 15.24 cms) of rain to an area about 80 miles east of Houston as well as southwestern Louisiana, where some areas have already seen more than 17 inches of rain.

It is projected to weaken as it moves inland to the northeast, the National Hurricane Center said.

“We aren’t going to be dealing with it for too much longer. It’s going to pick up the pace and get out of here,” said Donald Jones, a meteorologist at the National Weather Service in Lake Charles, Louisiana.”

25 Oil Tankers Stuck In Gulf, Unable To Offload Due To Harvey Port Closures

25 Oil Tankers Stuck In Gulf, Unable To Offload Due To Harvey Port Closures

According to ship-tracking data compiled by Bloomberg, coupled with MarineTraffic real-time tracking, at least 25 tankers carrying almost 17 million barrels of imported crude oil are drifting near Texas and Louisiana ports, unable to offload because of closures from Tropical Storm Harvey.

Source: MarineTraffic

A Bloomberg further details, 20 Aframaxes, 3 VLCCs, 2 Suezmaxes are currently waiting off Texas ports of Corpus Christi, Freeport, Texas City, Houston and Galveston, as well as off Sabine Pass and Lake Charles, Louisiana. This is three more than the 22 ships that were “drifting” on August 28.

Follows a description of the stuck tankers’ cargo:

  • 6m bbl Mexican crude, including Maya
  • 4m bbl Saudi oil
  • 3.3m bbl Venezuela crude
  • 2m bbl from Iraq
  • 500k bbl Castilla from Colombia
  • 500k bbl Ostra from Brazil
  • 500k bbl Bonga from Nigeria

Additionally, here is a current status update of the various ports:

Corpus Christi:

  • Port shut since Aug. 24, sees return to normal operations by Sept. 4
  • Refineries planning restarts for this week:
    • Flint Hills may restart as soon as Tuesday
    • Valero, Citgo preparing for restart
  • Oil imports via Corpus Christi in 2016 were 225.8k b/d
    • Top suppliers, according to EIA data compiled by Bloomberg:
    • Venezuela 31%
    • Saudi Arabia 18%
    • Iraq 13%

Freeport:

  • Port shut
  • Phillips 66 Sweeny (247k b/d) shut
  • Oil imports via Freeport in 2016 were 128.6k b/d, of which 98% came from Venezuela and the rest from Saudi Arabia: EIA data

Houston:

  • Port of Houston still shut, no timeline for reopening
  • Shell Deer Park (316.6k b/d capacity) shut; LyondellBasell (263.8k b/d) cuts rates; Exxon Baytown complex (560.5k b/d), Exxon Beaumont (344.6k b/d), Marathon Galveston Bay (451k b/d) in process of shutting down
  • Oil imports via Houston, largest U.S. port for imported oil, 574.7k b/d in 2016, according to EIA; top suppliers:
    • Mexico 51%
    • Saudi Arabia 15%
    • Colombia 13%

…click on the above link to read the rest of the article…

Houston Warns Bridges And Roads Are “Starting To Fail”

Houston Warns Bridges And Roads Are “Starting To Fail”

As Tropical Storm Harvey heads back inland, slamming southwest Texas with another 15-25 inches of rain, Housting officials are reporting that the city’s critical infrastructure is starting to fail under the weight of the floodwaters, and may soon collapse.

According to Reuters, roads and bridges in Houston have started to buckle under the impact of the catastrophic flooding in parts of the city. According to Jeff Linder of the Harris County Flood Control District, one bridge had collapsed and some roads had been damaged by the torrential rains.

Worse, the damage is far from over. As reported yesterday, the water levels at two reservoirs to the west of the city, where more than 3,000 homes have been flooded, continue to rise. Meanwhile, Buffalo Bayou, the primary drainage system that runs through the city, is holding steady and may not recede for days, said Edmond Russo, deputy engineer with the US Army Corps of Engineers. According to USGS data, the Buffalo Bayou has recorded a record 33 inches of rain, and another 20 is expected in the coming 48 hours.

Graph of

Linder said the level of the Houston Ship Channel, which opens out into Galveston Bay was “at levels we’ve never seen before”, slowing the bayou’s ability to drain. Two major dams outside Houston have also begun to overflow, according to the BBC.

Houston Mayor Sylvester Turner confirmed that one police officer has been killed since the flooding began. The Houston police chief says the officer’s body was recovered Tuesday morning. He apparently died when floodwaters overcame his vehicle as he tried to get to his post.

…click on the above link to read the rest of the article…

Harvey is already the worst rainstorm in U.S. history, and it’s still raining

Reuters / Richard Carson

Harvey is already the worst rainstorm in U.S. history, and it’s still raining

The pictures are heartbreaking, the statistics are mind-boggling. And, incredibly, it’s still getting worse.

Since Hurricane Harvey made landfall in Texas late Friday night, more than 40 inches of rain have fallen in parts of the Houston metro area, producing the worst flood in the city’s modern history. The latest forecasts show another 15-25 inches on the way before Harvey clears out of the area on Wednesday. Harvey is sure to rank as the worst rainstorm in U.S. history, according to an initial analysis from the Texas state climatologist.

“Of course I’m surprised,” Houston meteorologist Tim Heller told Grist. “We tell people to prepare for the worst, but this is worse than the worst! This isn’t isolated flooding, this isn’t neighborhood flooding, this is area flooding, regional flooding. The warnings were there for 15-25 [inches] of rain, then 30, then 40. I quit giving out storm totals because I’m not sure what we’ll end up with now.”

The amount of rain so far brings new meaning to the word “unprecedented.” In just three days, Houston doubled the previous record rainfall for a full month — 19.21 inches set in June 2001 during Tropical Storm Allison (which caused the city’s previously worst flood).

So much rain has fallen that the National Weather Service had to add additional colors to its maps, in order to show rainfall totals this huge. During the peak of the rainfall on Saturday night, the local NWS office in Houston ad-libbed a dire warning and issued a “Flash Flood Emergency for Life-Threatening Catastrophic Flooding” — the first time the already-dire “Flash Flood Emergency” was considered insufficient to describe the impending risk.

…click on the above link to read the rest of the article…

There Is “Eight Feet Of Water” On Houston Roads, And It’s About To Get Much Worse

There Is “Eight Feet Of Water” On Houston Roads, And It’s About To Get Much Worse

Amid desperate efforts to save stranded citizens – police report over 3,000 rescues alone – and the arrival of the so-called ‘cajun navy’to assist, Harvey continues to pummel Texas, paralyzing Houston as the region braces for yet more rain after the Tropical Storm recharged over warm waters and heading back in-land.

“This is, if not the largest, it has to be categorized as one of the largest disasters America has ever faced,” Texas Gov. Greg Abbott declared at a press conference Monday afternoon.

Houston’s main water-way, Buffalo Bayou, shows over 30 inches of rain and it’s about to get a lot worse. Buffalo Bayou is the main waterway that snakes through the heart of Houston, and the water levels of two reservoirs that feed into it are particularly concerning.

“The reality is the water is continuing to rise,” Mr. Turner said. “The water level along Buffalo Bayou in all likelihood will increase.”

Forecasters say Harvey will move slowly to the northeast throughout the week and shower some parts of the state with another 15 to 20 inches of rainfall by the end of Thursday. Additionally, The Post reports that certain areas to the west of Houston could see as much as 50 inches of rain by the time the storm is over — which would be the largest recorded total in Texas history.

The death toll remains unclear.

WSJ notes that on Monday evening, Mayor Sylvester Turner said three deaths in Houston had occurred during the storm but could not confirm reports that a family of six had died in their vehicle.

…click on the above link to read the rest of the article…

When the Butterfly Flaps Its Wings

It remains to be seen what the impact will be from Mother Nature putting the nation’s fourth largest city out-of-business. And for how long? It’s possible that Houston will never entirely recover from Hurricane Harvey. The event may exceed the physical damage that Hurricane Katrina did to New Orleans. It may bankrupt large insurance companies and dramatically raise the risk of doing business anywhere along the Gulf and Atlantic coasts of the USA — or at least erase the perceived guarantee that losses are recoverable. It may even turn out to be the black swan that reveals the hyper-fragility of a US-driven financial system.

Houston also happens to be the center of the US oil industry. Offices can be moved elsewhere, of course, but not so easily the nine major oil refineries that sprawl between Buffalo Bayou over to Beaumont, Port Arthur, and then Lake Charles, Louisiana. Harvey is inching back out to the Gulf where it will inhale more energy over the warm ocean waters and then return inland in the direction of those refineries.

The economic damage could be epic. Much of the supply for the Colonial Pipeline system emanates from the region around Houston, running through Atlanta and clear up to Philadelphia and New York. There could be lines at the gas stations along the eastern seaboard in early September.

The event is converging with the US government running out of money this fall without new authority to borrow more by congress voting to raise the US debt ceiling. Perhaps the emergency of Hurricane Harvey and its costly aftermath will bludgeon congress into quickly raising the debt ceiling. If that doesn’t happen, and the debt ceiling is not raised, the federal government might have to pretend that it can pay for emergency assistance to Texas and Louisiana. That pretense can only go so far before government contractors balk and maybe even walk.

…click on the above link to read the rest of the article…

Gas Station Shortages Expected In Texas As Gulf Coast Premiums Hit Record Highs

Gas Station Shortages Expected In Texas As Gulf Coast Premiums Hit Record Highs

According to retail fuel supplier Mansfield Oil, short-term fuel supplies for Houston and San Antonio are significantly impacted by Tropical Storm Harvey.

Bloomberg reports that San Antonio and Houston supplies are at code red, while Corpus Christi was downgraded to code orange as terminals have come online already and limited spot supplies are available.

For now, GasBuddy.com reports a number of stations are still open, though prices are rising…

However, the Gulf Coast CBOB gasoline spread to NYMEX futures rose 9.50c to a 16.50c/gal. premium – the highest on record in data from 2012.

The U.S. could see 30 percent of refining capacity shut on Harvey and if the storm moves up the Texas coast toward Louisiana, then additional shutdowns could occur in Port Arthur and Beaumont as well as in Lake Charles, Louisiana, Tudor Pickering Holt & Co. LLC analysts said. Port Arthur is home to the nation’s largest refinery operated by Motiva Enterprises LLC.

Scientists Warn Current Yellowstone Quake-Swarm “Could Rip…

U.S. Geological Survey (USGS) seismology reports conclude that a massive swarm of earthquakes swept through the park…

“There’s a big drop-off suddenly in crude oil demand,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by telephone. “We have a supply disruption event in gasoline production. Gasoline demand in the balance of the country is still elevated, so we could see a real impact on gasoline inventories if these refineries are unable to get restaffed quickly.”

Gasoline Spikes To 7-Month Highs After Harvey; Heating Oil, Crude Jump

Gasoline Spikes To 7-Month Highs After Harvey; Heating Oil, Crude Jump

The entire energy futures complex is notably higher at the open with RBOB Gasoline spiking over 4% to its highest since January amid the carnage of Hurricane Harvey.

Bloomberg reports that as a result of Harvey, which was the strongest storm to hit the U.S. since 2004, some 2.26MM b/d of crude, condensate refining capacity in Texas remain shut while nearly 300,000 Texas customers are without power as of 12:30pm CDT. Major terminals and pipelines that move crude and fuel into and out of Houston-area refineries were also shut, potentially stranding some crude in West Texas and starving New York Harbor of gasoline.

“Gasoline prices are going to continue to rise this week as we expect another three days of rain in the Houston area,” Andy Lipow, president of consultant Lipow Oil Associates LLC in Houston, said by telephone.

“With pipeline operators beginning to shut down their crude oil and refined product infrastructure, I expect to see further curtailment of refinery operations, resulting in less product being available. A spike in gasoline and diesel prices will drag up crude oil prices.”

 WTI is also higher as ~378.6k b/d of oil output from Gulf of Mexico is shut, pushing RBOB Gasoline and WTI higher.

And Oct RBOB at its highest since Jan 2017:

The Oct. Nymex RBOB-WTI crack spread has spiked to $19.94:

NatGas and Heating Oil are also up:

And just in case it wasn’t obvious, prices will likely rise “just because of worries, but the real impact might not be clear for a couple of days,” Michael Lynch, president of Strategic Energy & Economic Research told Bloomberg.

For now, the RBOB curve implies the system will be affected for at least 3 months…

Hurricane Harvey Will Render Some Parts Of Texas ‘Uninhabitable For An Extended Period Of Time’

Hurricane Harvey Will Render Some Parts Of Texas ‘Uninhabitable For An Extended Period Of Time’

Do you remember what Hurricane Katrina did to New Orleans?  Well, now we are watching the same thing happen to southeast Texas.  On Friday, Hurricane Harvey made landfall as a category 4 hurricane.  It is the first hurricane to make landfall in the United States in 12 years, and it is the most powerful storm to hit the state of Texas in at least 50 years.  One meteorologist is saying that what we are witnessing is “worse than the worst-case scenario for Houston”, and another stated that this storm “could easily be one of the worst flooding disasters in U.S. history”.

It would be difficult to overstate the devastation in the Houston area at this moment.  Hurricane Harvey has ripped roofs off of homes, turned vehicles over and snapped thousands of trees.  Thousands have been rescued from their homes and vehicles, and it is being reported that so far five people have died.  In fact, one woman’s dead body was actually spotted floating down the street.

According to the National Weather Service, over 24 inches of rain fell in Houston in just a 24 hour period.  More rain continues to fall in southeast Texas, and meteorologists are running out of adjectives to describe the nightmare that is currently unfolding…

“It’s catastrophic, unprecedented, epic — whatever adjective you want to use,” Patrick Blood, a National Weather Service meteorologist, told the Chronicle. “It’s pretty horrible right now.” The newspaper reported the weather service said five people have died in the Houston area in unconfirmed flood-related deaths.

The latest forecasts are telling us that we could see a total of 40 to 50 inches of rain in southeast Texas by Thursday, and so some areas will actually receive a “year’s worth of rain” in less than a week…

…click on the above link to read the rest of the article…

Olduvai IV: Courage
Click on image to read excerpts

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress