The NYTimes isn’t usually the go to place for articles on oil, but this is a good one:
“The port of Houston and the state’s other major ports are almost back to normal operations, oil and gas production in South Texas is quickly ramping up, and eight of the 20 refineries that were totally or partly closed because of the storm are operating at normal levels. Eleven of the 12 other refineries that were affected are preparing to restart.”
Quoting Tom Kloza: “”I think we’ve probably run the course in terms of the price reaction,” said Tom Kloza, global head of energy analysis for the Oil Price Information Service, in large part because refineries are rapidly coming on line and Hurricane Irma does not threaten any refineries at the moment.
“There is tremendous motive for refiners to return, because you are talking about profit margins for gasoline twice what they were a year ago,” he added.”
“But the storm could have an impact on supplies if it damages or otherwise shuts down operations at Buckeye Partners’ storage hub in Freeport, Grand Bahama Island. The facility, with as much as 26 million barrels of crude and products in storage, is a strategic center for blending and transshipment operations for petroleum trade between the Gulf of Mexico, the East Coast and even markets in Europe, the Middle East and North Africa.”
I’m not as optimistic as the article, but it is a good read:
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