Oil prices (BZ=F, CL=F) are rising as Hurricane Beryl quickly turns into a Category 5 storm, moving through the Caribbean into the Gulf of Mexico. Meanwhile,...
) are rising as Hurricane Beryl quickly turns into a Category 5 storm, moving through the Caribbean into the Gulf of Mexico. Meanwhile, tensions in the Middle East continue, further compounding price pressure.
Iaccino highlights that 5% of global oil production occurs along Mexico's Gulf coast, but that most of this production is crude oil and can be replaced with OPEC supply.The rise comes as concerns grow about hurricane Beryl's potential impact on operations in the Gulf of Mexico and Middle East tensions escalating the commodity now being pushed to a two month high.
But, um, I, I think those two things combined are really contributing to the last couple of days yesterday in WT I futures, we had a pretty big breakout. April was a four month high in demand so far according to the EI A Well, that's exactly where I want to go with you.Obviously, this is just the beginning of hurricane season.Yeah, the weather agencies are suggesting that this is going to be a very active hurricane season and certainly having the earliest ever category five hurricane occur lends credence to those forecasts and probably pushes up oil prices a bit.
The other thing going on is, of course, as you mentioned, seasonality and we typically see oil demand increase into the summer.And so with that in mind, just to, just to follow up on that, I mean, we're continuing to track what, what Noah is projecting in some of the billion dollar disasters over the course of this year and this summer.
Gulf Of Mexico Oil Prices Bob Iaccino Gulf Region Global Oil Production Hurricane Beryl Hurricane Season
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