Hurricane Harvey, which slammed the Texas coast over the weekend and flooded large portions of Houston, is having dramatic effects on the energy complex along the Gulf Coast. Magellan Midstream Partners' and Buckeye Partners' condensate splitters in Corpus Christi (50,000 barrels of oil per day each) also have been affected. Raymond James analyst Justin Jenkins thinks the two companies may be best positioned given widening crude oil differentials. Jenkins said it's too early to assess the lasting impact that Hurricane Harvey will have on crude oil and refined product markets. Valero reported that its refineries made it through the hurricane relatively unscathed, although a full return to its production schedule isn't known.

Source: Forbes August 28, 2017 17:48 UTC