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Gulf storm risk threatens up to 3 million bpd of refining capacity

Reported · Written up by our desk · Energy

Oil prices could face pressure as a Gulf storm threat raises the risk of operational disruptions for refining capacity in the region, with OilPrice citing estimates that as much as 3 million barrels per day of refining capacity could be at risk.

OilPrice said the climatological peak of the Atlantic hurricane season is in mid-September and that the season has been relatively quiet so far due to El Niño conditions that disrupt tropical disturbances in the Atlantic Basin.

According to the outlet, the National Hurricane Center raised the odds of development for a tropical disturbance to 70% over the next seven days, up from 50% earlier.

The outlet also noted that if development occurs, states along the U.S. Gulf Coast could be threatened as the disturbance moves.

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