Shares of energy producers rose alongside gasoline futures as Hurricane Harvey looked set to hit the Gulf Coast of Texas with high winds and heavy rainfall. According to meteorological website Weather.com, Harvey could be the strongest storm to hit the energy-infrastructure-rich area around Corpus Christi since a devastating event in 1970. Meanwhile, the local Texas market for gasoline tightened ahead of the storm. Some stations in Houston ran out of gasoline Friday morning and wholesale gasoline prices were up by about 10 cents a gallon at one stage, according to GasBuddy. In a positive sign for oil prices, the Baker Hughes rig count showed another decline in active rigs. Signs of a peak in active rigs earlier this summer suggest that a surge in production following the recovery in oil prices earlier this year may now be over.
Continue Reading Below
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
August 25, 2017 16:21 ET (20:21 GMT)