Europe's gasoline exports set to surge on Harvey outages

Tier-One US Data Stands In Way of USD Downtrend Oil Breaks on Harvey

"As of Monday afternoon, between 2.5 million bpd and 3.5 million bpd of refining capacity in the Gulf Coast region was offline due to a combination of refineries being shut down or running at reduced rates".

Among the plants being shut down was Exxon's 560,500-barrel per day facility in Baytown, which is the second-largest oil refinery in the USA after Port Arthur.

U.S. refiners in the Midwest will be among the biggest winners after Hurricane Harvey dealt a blow to their competitors on the U.S. Gulf Coast.

October West Texas Intermediate crude fell 48 cents, or 1%, to settle at $45.96 a barrel on the New York Mercantile Exchange.

EIA data for May shows that Texas imported 1.9 million bpd of the total 3 million bpd that entered the USA via the Gulf Coast, as well as 418,000 barrels per day of refined petroleum products. WTI crude oil prices were down 0.8 percent in early Monday trading to under $48/bbl. The discount for U.S. WTI versus Brent reached $5.92 a barrel on Tuesday, its widest in more than two years.

Sources said Motiva Enterprises will decide this morning whether to shut the 603,000 barrel-per-day (bpd) Port Arthur, Texas, refinery, the nation's largest, because of flooding.

McTeague explained that retail operators in markets like Calgary, Montreal and Ottawa are barely breaking even now and could use the wholesale price increase as an excuse to raise prices by as much as another 10 cents per litre to boost profit margins.

EU's Brexit negotiator tells United Kingdom to speed up and 'get serious'
British public are overwhelmingly opposed to the government agreeing a large Brexit divorce bill with the EU . The UK wants trade talks to take place at the same time as discussions on separating the UK from the bloc.

P Chidambaram slams RBI over note ban
A collateral damage as a result of rise in printing and other cost was dividend RBI pays to the government. According to the RBI , 2,56,324 Rs 1,000 notes valued at Rs 25.63 crore were detected during FY17.

Johanna Konta crashes out of the US Open in first round
Nevertheless, she had gone into this match having not beaten a top 10 opponent since the 2014 US Open . Asked how she would deal with the defeat, Johanna said: "I think not to catastrophise is important".

"They're not spiking as much as they would have had we not had the backdrop of plentiful inventories", said Smith, noting gasoline supplies sit at a five year high for this time of year.

Some refineries were preparing for restarts, but heavy rains were expected to last through Wednesday, adding to catastrophic flooding.

Harvey rolled into Texas on Friday as a Category Four hurricane, tearing down homes and businesses on the Gulf Coast, and triggering massive floods.

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.

Crude markets were also eyeing disruptions in Libya and Colombia.

LS Gasoil for September delivery is up 0.206 at $485.25, yet futures for crude oil have fallen.

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