By September 12, 2017 0 Comments Read More →

Oil demand pressures mount after U.S. hurricanes

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Post-hurricane recovery in the southern United States will be a positive factor for crude oil demand, offsetting short-term declines, Goldman Sachs said.

Irma was downgraded to a tropical storm as it worked its way up the western coast of Florida early Monday. In an incident update from Sunday afternoon, when Irma was still a hurricane, the U.S. Energy Department said at least 10 ports that would receive oil shipments were closed because of the storm. Florida has no refinery capacity of its own and several areas were without gasoline, though the Energy Department said regional inventories are above the five-year average.

As of 2 p.m. EDT, Sunday, five refineries in the Gulf Coast region were still closed because of Harvey, which made landfall in Texas in late August. That represents a loss of about 5.8 percent of the total U.S. refining capacity…

 

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