Hurricane Beryl made its way through the Caribbean before making landfall in Texas and being downgraded to a tropical storm, causing less damage than what...
Hurricane Beryl made its way through the Caribbean before making landfall in Texas and being downgraded to a tropical storm ,
I'm curious from your perspective about the recent price action that we've seen, maybe what that tells us about what we could expect in the coming days.That was certainly a factor because in the lead up to barrel lashing the various Caribbean islands and Mexico and Texas, there was fear in the market, and justifiably so.
And then, of course, in history, we have seen hurricanes capable of wreaking a lot of havoc and damage to infrastructure both offshore as well as onshore in the refining segment.But there's another angle there is in the aftermath of such a hurricane. There's this narrative of summer oil demand bump, which has been going around, but I think the market is now starting to recalibrate that a little bit, so jet fuel demand is doing well.But gasoline and diesel demand almost all over the world and including here in Asia, where I am is really not doing too well.So all in the picture for oil demand is perhaps not that strong as what the oil Bulls might have expected going into June.
There's going to be more supply gradually coming back into the market about 2.2 million barrels per day that eight members had cut back.I would say the only wrinkle and the wild card there is the hurricane season because, as I mentioned, 1.81 0.9 million barrels per day of oil production in the US, Gulf and US is now not just a major producer, but a major exporter of crude as well.
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Tropical Storm Hurricane Beryl
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