Gasoline surged early today as storm damage continued to put refinery supplies under pressure.
US gasoline prices jumped by as much as 7%. In contrast, the storm-induced refinery shutdowns remained bearish for crude.
Nymex September gasoline futures reached $2.0086 per gallon early today, a near 7% rise versus yesterday and around 20% higher than last week.
Tropical Storm Harvey is estimated to have slashed US refining capacity by around 20%, with most plants in the Houston area remaining closed.
There are also fears of further shutdowns as rains and flooding intensify in certain parts of Texas.
US motorists could even face petrol shortages in the days ahead as flooding threatens key pipelines.
Harvey-related disruption is a bearish factor for the crude market, even as gasoline prices surge.