How Will US Hurricanes Affect Canadian Oil Markets
Multiple Hurricanes in the South Set to Disrupt Oil Markets in Canada for at Least 3 Months Since late July, crude oil has been hovering just below $50 per barrel, however the coming months could bring a healthy rebound to both crude oil and gas prices. This uptick could stem from supply issues created by Hurricane Harvey and Irma and increased demand, fueled by OPEC’s production cuts. Comparing Harvey to Katrina If the destructive forces of Hurricane Katrina, which rocked the US back in 2005, can offer any insight into how long it will take refineries to recover from this recent onslaught of weather, it may take up to three months for the industry to fully adjust. Gasoline prices in Western Canada are currently at their highest price levels since 2015, indicating that the rest of 2017 should bring a steady stream of strength for the energy sector. Will