Oil infrastructure on the Gulf Coast appears to have avoided substantial damage from the storm.
The port of Corpus Christi, a leading oil export terminal, has transitioned to post-storm recovery with no significant impact reported.Colorado State University has forecast an"extremely active Atlantic hurricane season" with 11 hurricanes expected.
"Brent crude prices ended their 4-week rally as the landing of hurricane Beryl resolved concerns about major production halts for now," Goldman Sachs analyst Yulia Grigsby told clients in a Tuesday note.September contract: $85.15 per barrel, down 60 cents, or 0.7%. Year to date, the global benchmark is ahead by 10.5%.
The market is also looking ahead to the release of U.S. crude oil inventory data on Wednesday. Traders have been hoping U.S. oil and gasoline inventories will fall in a sustained fashion, signaling an uptick in demand after summer fuel consumption got off to a soft start this summer. Macquarie, however, is forecasting that oil inventories dropped by 1.2 million barrels last week, with the total balance"only modestly tighter than we had anticipated," according to a Monday note.
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