Hurricane Harvey damage expected to be widespread

Flooding likely to be a bigger factor than wind

It's extremely rare for a Category 4 hurricane to make landfall in the United States or anywhere else. The latest one was Hurricane Katrina.

The NHC had predicted it would growth to Category 3 but it was even more powerful than expected. It made landfall twice, first hitting late Friday evening just northeast of Corpus Christi, Texas.

There are widespread reports of heavy damage near Rockport, Texas but it's only just beginning. The storm is slow moving and is expected to maintain tropical storm status for 3-4 days, bringing as much as 3 feet of rain to some places. One model

Massive parts of Texas and the gulf coast will be affected and shut down for at least a week. Hundreds of thousands are without power. This storm may rival Katrina as the most-damaging in history.

In terms of markets, more than 1 million barrels per day of refining capacity is already offline and the shipping terminals near Corpus Christi are shuttered.