Hurricane fears in oil – Sözcü

Hurricane Beryl, which began to affect the American continent, crossed the Caribbean Sea and the Gulf of Mexico and made landfall on the coast of Texas, unleashing torrential rains and a life-threatening storm surge.

Hurricanes in the Gulf of Mexico have spooked the oil market. Hurricane Beryl recently changed its course and began moving toward Texas. While this puts offshore oil and gas production in the region at risk, the potential impact it could have on refinery infrastructure once the storm makes landfall has also raised concerns.

May affect production

On the other hand, market participants are closely watching the impact of Hurricane Beryl, which has hit the Caribbean, on oil supplies. Fears that some ports in the United States may be closed due to the hurricane have had an impact on prices.

Port closures could temporarily halt exports of crude oil and liquefied natural gas, shipments of petroleum to refineries and motor fuels from those facilities.

In an information note written by ING head of commodity strategy Warren Patterson and commodity strategist Ewa Manthey, “Any meaningful disruption to refinery activity in Texas would likely support lower prices for processed products. Prolonged refinery outages would mean lower crude prices and higher refined product prices.” “It will come,” he said.

Oil Update

Oil prices, which fell earlier this week in response to these developments, have reached their highest level since April. The rise in prices comes on expectations that increased summer travel will continue to boost global demand.

Brent crude oil rose to $87.95 per barrel on Friday, closing at $86.54 on the day. Brent crude oil fell 0.43% from the closing price of 13.00 per barrel to $86.17. Meanwhile, West Texas Intermediate (WTI) crude oil was sold at $82.66 per barrel.