Gasoline spiked to a more-than-two-year high on Thursday after a report that the largest U.S. refinery could remain offline for up to two weeks due to impacts from Tropical Depression Harvey.
Meanwhile, U.S. crude oil prices posted the steepest monthly loss since March as concerns spread over falling demand in the world's top oil-consuming country after Harvey knocked out almost a quarter of its refineries.
U.S. gasoline futures were up 13.7 percent at $2.1426 per gallon by 2:29 p.m. ET, after peaking at $2.1678, the highest level since June, 2015. The contract was on track for its biggest one-day gain since March, 2016.
Motiva Enterprises' Port Arthur, Texas refinery, the nation's largest, may be shut as long as two weeks for assessment of the plant and repair of any damage, sources familiar with plant operations said on Thursday.
In a statement, Motiva said, "Given the unprecedented flooding in the city of Port Arthur, it remains uncertain how quickly the flood waters will recede, so we cannot provide a timeline for restart at this time."