Energy and commodity highlights: Tropical storm Barry, UK-Iran tanker spat, Asian LNG demand

As Tropical Storm Barry approaches the US Gulf Coast, offshore oil and gas producers, refineries and ports have been shuttering facilities in preparation. Utilities are also on alert. As of July 11, US offshore drillers have shut 1 million b/d (53%) of Gulf of Mexico oil production and 1.2 Bcf/d (45%) of natural gas output. The US National Hurricane Center expects Barry to reach hurricane strength late July 12, or early the next day, and make landfall in Louisiana. The storm could slow US oil and LNG exports if terminals and shipping operations are interrupted. Oil markets have responded by sending Brent crude prices higher, with sentiment also bolstered by rising tensions between the UK and Iran. The UK government said July 11 that Iranian vessels attempted to impede the passage of a BP-owned tanker in the Persian Gulf. The Iranian ships turned back after a British navy frigate accompanying the tanker intervened. Elsewhere, agricultural markets are monitoring progress in crop cycles, with mixed news from southern hemisphere harvests. The soybean harvest in Argentina for the 2018-19 crop year that started in September was 100% complete as of July 3. Total soy production reached 56 million mt, up 48% year… continue reading

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Source: CTRM Center

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