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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PLAST EURASIA 2022: Eyes on Russian and US supplies with demand woes in focus
- December PE offers to SE Asia imply further drops, yet to respond to China
- Has the bear market for Asian PVC almost run its course?
- Demand outlook for crude oil dims amid China worries
- Asian styrene prices rebound from almost two-year lows
- Turkey’s PE market on brink of new drops for December
- Signs of optimism in China PP and PE markets, but caution remains
- Egypt’s import PP, PE markets flat but domestic prices turn upwards in Nov
- PVC downturn enters 7th month, prices still far from pre-pandemic levels in Europe
- Aggressive US PE offers make a scene across global markets in Q4 after a hiatus of 2 years