Hurricane Nate passes through with minimal impact on energy prices
According to a statement from US Bureau of Safety and Environmental Enforcement, more than 90% of crude oil production was taken offline in the Gulf of Mexico to avoid damage.
Chevron and Shell were reportedly evaluating the damage on their pipeline subsidiaries and oil platforms in the Gulf of Mexico. The offshore plants survived the storm undamaged, according to media sources.
According to analysts, the crude oil market is expected to see a decrease in US crude supplies and boost margins. It is estimated that around 8 million barrels of oil production was lost during the shutdowns.
However, the impact of the storm on oil production and refining is expected to be minimal since the producers have reportedly started to resume operations.
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