Shares of oil refinery companies rose on Monday after Tropical Storm Harvey forced refineries in Houston to shut down.
Harvey, a hurricane that was later downgraded to a tropical storm, ravaged Houston and other parts of Texas over the weekend, with more than 30 inches of rain falling in some parts in just 48 hours. Houston is home to several major refineries in the U.S.
"With some of the major refineries closing down in Houston, we're seeing fireworks in gasoline prices, a move which is being reflected in refinery stocks," said Peter Cardillo, chief market economist at First Standard Financial.
RBOB gasoline futures for September delivery jumped as much as 6.8 percent on Monday before settling at $1.7123 per gallon. U.S. crude futures for October delivery, meanwhile, fell 2.7 percent to settle at $46.57 per barrel.