Oil: What hurricane season means for summer production

#hurricaneberyl #hurricaneseason #oil #yahoofinance
Hurricane Beryl made its way through the Caribbean before making landfall in Texas and being downgraded to a tropical storm, causing less damage than what was expected. Crude oil (CL=F, BZ=F) prices tick down this morning in the wake of the storm. Vanda Insights Founder and CEO Vandana Hari comes on The Morning Brief to talk price pressures in the energy sector as hurricane season is predicted to be harsher and more disruptive to oil production than previous years. "There's another angle there as well: In the aftermath of such a hurricane, there's no damage, but typically what happens as the residents of the states hunker down is that fuel consumption goes down," Hari explains. "So it's a sort of a double whammy for oil sentiment, but that alone is not the factor, when prices hit nine-week highs last week... it was a slightly overcooked. There's this narrative of summer oil demand bump, which has been going around, but I think the market is now starting to recalibrate that a little bit. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
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