News

Houston ship channel closed after ships collide, one sinks

Collision could impact oil prices

A crude oil tanker collided with a tugboat carrying two barges late on Friday. One of the barges was damaged and the other sank.

Both were carrying reformate, an oil-refining byproduct used to make gasoline.

Cleanup efforts are underway with the channel closed an a strong odour of gasoline miles from the area.

The closure of the channel will tighten US inventories but given the US’s newfound status as an importer and exporter, it could also cause some shipments to remain stuck at home.

ForexLive

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