Gasoline prices slump

LONDON. — Benchmark US gasoline prices slumped yesterday to pre-Hurricane Harvey levels as oil refineries and pipelines in the US Gulf Coast slowly resumed activity, easing supply concerns.

Brent crude oil futures were flat at $52,75 by 1340 GMT, paring earlier losses after a powerful North Korean nuclear test triggered a shift away from crude markets to assets perceived to be safer, such as gold.

US West Texas Intermediate (WTI) Clc1 crude futures, however, were up 34 cents at $47,63 barrel as US demand, hit by reduced refinery activity since Harvey made landfall on Aug. 25, recovered.

NYMEX gasoline futures RBc1 were down 3,2 percent at $1,6916 a gallon, levels last seen on August 25, the day Harvey struck, crippling production and causing widespread flooding.

Still, damage to the oil infrastructure in the Gulf Coast hub by Harvey appeared less extensive than some had feared.

Harvey has now been downgraded to a tropical storm.

A number of major refineries, which convert crude oil into refined products such as gasoline and jet fuel, as well as distribution pipelines, were gradually resuming operations on Monday.

Valero Energy’s 225 000 barrels per day (bpd) Texas City refinery was the only plant reported to be running at normal rates so far.