*Hurricane Laura worries shut Port Houston traffic, slow bunker trading
Bunker trading has slowed as a result of the imminent landfall of hurricane Laura. The US coast guard has been put on alert as the inclement weather is expected to batter the region, making its way north. Sources are saying that the market is waiting to see the true effects of what the hurricane will bring and how that will affect the shipping industry.
*US becomes top 5 crude supplier in July, record high 867,000 b/d shipment
As Saudi falls to being China’s third largest crude supplier falling behind Russia and Iraq, The US exported record highs to the nation this month, beating the previous high in January 2018. As US-China tensions heighted, imports of the US product fell off, but a 524.4% increase from June reaffirms the trade deal intentions between the two nations.
*Hurricane Laura poses biggest storm threat to U.S. oil output in 15 years
Hurricane Laura is approaching the Louisiana coast rapidly and experts are speculating that this could signify the biggest threat to output since 2005, the year hurricane Katrina halted operations of oil refineries along the stretch of coast. Experts predict that the hurricane is scheduled to bring sustained 115mph winds, with storm surges not far behind that could reach up to 10ft. Reuters approximate that the halted operations in the area account for 2.9 million bpd, taking 14.6% out of the total American production.