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Hurricane Irma Terrifies the Caribbean, Jose-Katia Follow Closely
Hurricane Irma marches through the Caribbean on a deadly path and is set to impact Florida by Saturday, newswires report. Meanwhile, tropical storms Jose and Katia have strengthened to become hurricanes, the former to follow a similar path with Irma, while Katia is set to arrive in Mexico on Friday evening.
Impact on Demand
Should Irma hit Florida, this would affect the state’s oil demand since it depends on barge shipments for 97% of its refined products, Platts reports. Moreover, shortages are being observed in various gas stations across the state, since residents rush to secure fuel supplies ahead of Irma’s potential impact.
Impact on Supply
Interruption of crude shipments in the Caribbean and the closure of Borco terminal, Bahamas, earlier today are set to have a direct impact on energy sector’s supply side. The terminal which has more than 26M barrels of storage capacity for both crude and products will terminate all operations by the end of the day due to Hurricane Irma, Reuters reports.