EghtesadOnline: Few Americans care about ethylene. Many have probably never heard of it. As it turns out, this colorless, flammable gas is arguably the most important petrochemical on the planet -- and much of it comes from the hurricane-stricken Gulf Coast. Ethylene is one of the big reasons the damage wrought by Hurricane Harvey in the chemical communities along the Gulf of Mexico is likely to ripple through U.S. manufacturing of essential items from milk jugs to mattresses.
EghtesadOnline: The Trump administration sent Congress a request Friday for almost $8 billion in initial relief for Hurricane Harvey victims and suggested the assistance be authorized in tandem with a measure to raise the federal debt ceiling, a move that House Republicans are unlikely to embrace.
EghtesadOnline: Oil prices slid on Wednesday but gasoline spiked to its highest since mid-2015 as flooding and storm damage in the wake of Hurricane Harvey knocked out almost a quarter of U.S. refineries, crimping demand for crude but raising fears of fuel shortages.
EghtesadOnline: On Tuesday morning, disaster analyst Chuck Watson had pegged $42 billion as a reasonable estimate for the cost of destruction Tropical Storm Harvey would leave in its wake. By the end of the day, he’d added another $10 billion.
EghtesadOnline: Asian stocks fell and the yen gained after North Korea fired a ballistic missile over Japan, promising to fan simmering tensions with the U.S. Gold extended a rally above $1,300 an ounce and oil rebounded as investors weighed the damage from Tropical Storm Harvey.
EghtesadOnline: Oil markets were roiled on Monday after Hurricane Harvey wreaked havoc along the U.S. Gulf coast over the weekend, knocking out numerous refineries and some crude production.
EghtesadOnline: A hurricane in the heart of the U.S. energy industry is set to curtail near-record U.S. oil production for several weeks, with the impact expected to reverberate throughout the country and across international energy markets.
EghtesadOnline: Futures on American equity indexes slipped, paring gains from the biggest weekly advance of August, as investors waited to gauge consequences for stocks and industries from the strongest storm to hit the U.S. since 2004.
EghtesadOnline: Asian stocks fluctuated and U.S. equity futures fell as investors weighed the damage from Tropical Storm Harvey on U.S. oil refining centers. The greenback maintained losses after Federal Reserve Chair Janet Yellen failed to provide clues on monetary-policy tightening.
EghtesadOnline: As Harvey’s winds die down, trouble for Texas may have just begun with forecasts for unprecedented flooding across the heart of U.S. energy production and in Houston, the nation’s fourth-largest city.