U.S. Oil Prices Decline for Third Consecutive Day as Infrastructure Recovers From Storm Beryl
The port of Corpus Christi, a critical hub for oil exports, has swiftly moved into recovery mode following Tropical Storm Beryl’s passage with no significant impact reported, signaling resilience in the face of adverse weather conditions.
According to the UBJ, Beryl, initially making landfall as a Category 1 hurricane in Matagorda, Texas, weakened into a tropical storm and further degraded into a tropical depression as it moved inland north of Shreveport, Louisiana, according to updates from the National Hurricane Center. Despite its downgraded status, the storm has left its mark by quelling some of the bullish sentiment that had been building within the oil markets, as noted by John Evans, an analyst at oil broker PVM.
Looking ahead, market focus turns to Wednesday’s release of U.S. crude oil inventory data, with expectations that continued draws in oil and gasoline stocks could bolster market optimism, indicating increased demand following a slow start to summer fuel consumption. Previous reports showed a significant decline of 12.2 million barrels in oil inventories and a 2.2 million barrel decrease in gasoline stocks, hinting at potential bullish momentum.