Credit: Shutterstock photoThe main drivers for the price of oil have shifted from mostly being driven by the externals (currencies, equities and macroeconomic data) to being driven by the short term fundamentals. Those fundamentals include a hurricane threat in the oil and Nat Gas rich region of the US Gulf Coast, a plethora of unscheduled refinery outages including one at the huge Amuay Refinery in Venezuela, and a breakdown in wage discussions with the Norwegian oil workers union. All of sudden the supply side of the equation could be impacted on both the crude oil and refined products side. The main weather news this morning has been the westerly shifting of TS Isaac over the weekend and instead of disrupting the Republican Convention in Tampa Florida it now seems that it will be disrupting oil and Nat Gas operations in the US Gulf Coast.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
