Gasoline futures are shooting up in electronic trading late Sunday night, as refinery shut-downs in the wake of Hurricane Harvey cramp supply.
Prices were up as much as 6.4% on Sunday night, and are trading around 5.8% up as of 6:25 p.m. ET.
Flooding and other damage from the storm is expected to cut at least 1 million barrels per day from refining capacity. Shell, Exxon, and several other refineries in the area announced plans to shut down on Sunday. Major roadways and waterways are also closed, making it impossible to ship refined gasoline out of the area.
The hurricane and subsequent tropical storm could drop as much as 50 inches of rain, setting a Texas record.