Oil for US hawked to others as storm snarls flows of crude

Hurricane Harvey left a huge portion of the US refining capacity disrupted and while fuel is rapidly being transported to the US, flows of crude oil are now being redirected to other regions.

Photo: /ritzau/David J. Phillip

Sellers of crude to US refineries that are still assessing the damage from Hurricane Harvey are seeking an alternative home for their supply.

South American oil for the Gulf Coast is being offered to Asian buyers for October arrival instead, according to traders who asked not to be identified. The refiners are being approached as they prepare to secure crude from within the region and the Middle East for November. At least one processor in Europe is also being informed about the availability of a Nigerian cargo, just days before the shipment is scheduled to load from West Africa.

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