TEXAS, USA — With Hurricane Beryl hanging around the Gulf of Mexico, would this affect the oil and gas industry?
According to Ray Perryman, president and CEO of The Perryman Group, it has the potential.
“The sort of worst case scenario would be if you ended up shutting down a significant number of refineries or LNG facilities at the Gulf Coast ports, that sort of thing that could affect some of the oil and gas that comes from the Permian Basin, that flows there in order to be processed and shipped,” said Perryman.
However, Perryman also said the industry hasn’t made any major operations changes yet.
“At this point in time, everyone's monitoring it; no one's taking any steps right now. The major LNG producers are still producing great, batteries are still producing," Perryman said. "So, nothing's happened yet. But again, they're all monitoring it fairly closely at this point in time.”
So, what about changes in oil prices?
Well, according to Perryman, that’s something that has already been affected since the storm started gaining traction.
“Well, oil prices have been have gone up a little bit in the last couple of days and for a couple of different reasons. One of them is I think the market is pricing in a certain amount of risk associated with this, this storm," Perryman said. "The markets will often be monitoring very carefully if there's a significant risk of anything disrupting the oil supplies, then that would obviously have a big impact.”