"What else do you have to do that will actually have to affect the Iranians' calculus?" said Amos Hochstein, who served as U.S. special envoy for international energy affairs...World Politicsread more
The leaders of Japan and China got off to a tense start but have made significant progress in turning around their relations in recent years.Asia Politicsread more
Tech's hottest IPOs of the year, including Beyond Meat and Zoom, dropped on Monday, falling more than the broader market.Technologyread more
Citi Private Bank says it has maintained an "overweight" stance on stocks in China, Hong Kong, Taiwan and South Korea.Asia Marketsread more
FedEx sued the U.S. government, saying it should not be held liable if it inadvertently shipped products that violated a Trump administration ban on exports to some Chinese...Traderead more
Stocks in Asia slipped on Tuesday, while investors looked toward a meeting between U.S. President Donald Trump and Chinese President Xi Jinping set to happen later in the...Asia Marketsread more
A week of dovish fireworks out of the central banking community has just gone by with most of the world's leading central banks now guiding towards easing in light of downside...Commentaryread more
"We do not seek conflict with Iran or any other country," Trump tells reporters in the Oval Office.Politicsread more
Chinese Vice Premier Liu He held a phone conversation with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, China's Ministry of Commerce...World Economyread more
Sen. Bernie Sanders announced a plan Monday to forgive the country's $1.6 trillion outstanding student loan tab, intensifying the higher education policy debate in the 2020...Personal Financeread more
While earnings usually come in substantially ahead of expectations — as much as 4 or 5 percentage points is not unusual — the downward direction in the outlook doesn't speak...Earningsread more
Oil refineries are shutting down in the wake of rainfall and flooding from Hurricane Harvey.
The damage could mean a loss of more than 1 million barrels per day in refining capacity just in the Houston and Galveston, Texas, areas — that's not including hundreds of thousands of more barrels in the Corpus Christi, Texas, area.
Shell has shut down its massive Deer Park refinery in southeastern Houston, among the largest in the United States with a crude oil capacity of 340,000 barrels per day.
The company said in a statement obtained by CNBC, "On Sunday, August 27, 2017, we made the decision to initiate a controlled shut down of the Deer Park, Texas, refinery and chemical plant as a result of heavy rainfall and associated nearby flooding from Hurricane Harvey. Only essential personnel will stay on site through the end of the week."
Also on Sunday, Petrobras said it would shut down its Pasadena, Texas, refinery, with a capacity of 110,000 barrels per day, thanks to "severe weather," according to Dow Jones.
Exxon Mobil has also shut down its massive plant in Baytown, Texas, on the Houston Ship Channel, with a capacity of more than 560,000 barrels per day, CNBC has confirmed. The Ship Channel is the busiest in America and remains closed by the storm.
Traders and oil industry news services also say that the Phillips 66 Sweeny Texas Refinery (260,000 b/d) is shutting down, and that output at Marathon's Galveston Bay refinery (460,000 b/d) and the Access Industries plant in Houston (260,000 b/d) are slowed because of the closed ship channel.
The Magellan pipeline company has announced it's shutting down its crude oil and refined product pipeline in Houston, which means remaining refineries there might be shutting down as well.
Refineries in Corpus Christi owned by Flint Hills, Valero and Citgo, totaling more than 700,000 barrels per day, had also been slated for controlled shutdowns according to an Oil Express news alert.
Even if the damage near the refineries is controlled quickly, widespread damage throughout the area will make it hard for refinery workers to get to work — the Shell plant, for instance, has more than 3,000 workers and contractors.
On Monday, Cheniere Energy said its Corpus Christi construction site saw only a minor impact from Harvey. The company said early assessments of the site by Cheniere and EPC partner Bechtel showed only "minor cosmetic impacts."
Cheniere said it is currently working to contact all employees to ensure they are safe and to assess their needs.
The storm is affecting production as well. The Bureau of Safety and Environmental Enforcement said Sunday that almost 22 percent of current oil production in the Gulf of Mexico has been "shut-in," based on reports from operators. That's about 378,000 barrels per day, out of a total of 1.75 million in the region.
Mexico will be significantly affected as a large buyer of gasoline refined in the area, as tanker traffic in and out of Texas has basically stopped.
Harvey, now a tropical storm hovering over the Houston area, could set a Texas rainfall record with more than 50 inches of rainfall, said the National Weather Service.
— Additional reporting by CNBC's Brian Sullivan.