Oil Falls as Hurricane Beryl’s Risk to Texas Operations Lessens

Source: Yahoo! News

“Oil fell as Hurricane Beryl looked less likely to pose major disruptions to crude infrastructure in Texas. … West Texas Intermediate slid 1% to settle near $82 a barrel after four straight weekly gains. Concerns that Hurricane Beryl would impede oil operations in the Gulf of Mexico and Texas helped drive up futures last week, but weakening product spreads indicate the storm has been less disruptive to infrastructure than expected. Still, exports may face delays after the Port of Houston and Port of Corpus Christi were shut down — the Port of Houston will remain closed through Tuesday, but the Port of Corpus Christi has reopened. About 85% of Houston has lost power, forcing oil companies to adjust operations.” (07/08/24)