🧵 1. Oil and gasoline futures rise as a potential tropical system threatens US Gulf Coast, home to 60% of refining capacity. Storm expected to hit Texas and Louisiana. #finance
🧵 1. Oil and gasoline futures rise as a potential tropical system threatens US Gulf Coast, home to 60% of refining capacity. Storm expected to hit Texas and Louisiana. #finance
🧵 2. Potential Tropical Cyclone Six in the Gulf of Mexico likely to become a hurricane, impacting the US Gulf Coast by late Wednesday, peak of hurricane season.
🧵 3. NHC warns of life-threatening storm surge and high winds for Upper Texas and Louisiana coasts from Tuesday night. Several refineries at risk in storm's path.
🧵 4. Goldman's analyst revises Brent oil price forecast due to weaker Chinese demand and OPEC production increase expectations. Morgan Stanley also lowers oil price outlook.
🧵 5. Morgan Stanley predicts oil market to tighten in third quarter but move into surplus by 2025. Forecasts fourth quarter prices to start at $80 per barrel, decline to $75 by year-end.
🧵 Read more at: https://www.zerohedge.com/commodities/oil-rises-major-us-refineries-path-strengthening-gulf-storm