Hurricane Matthew To Disrupt Oil Terminal Operations In Bahamas – Buy Call Options On Crude Oil
Oil extended its gains on Tuesday amidst fears over hurricane Matthew. The Hurricane has raised concerns that it can potentially disrupt oil supplies in North America. A category-4 hurricane with 145 miles per hour winds has slammed into western Haiti early on Tuesday and is being forecast to hit southeastern and central Bahamas by Tuesday Evening/Wednesday.
The storm threatens to shut in about 33 million barrels of oil storage in the Bahamas, and disrupt Caribbean shipping this week, before heading northwest towards the U.S. East Coast.
Oil and Gas Company Statoil ASA plans to halt operations at its 6.7 million-barrel South Riding Point terminal in Freeport, while Buckeye Partners LP has also planned to evacuate workers from its 26.2 million-barrel terminal, which is located on Grand Bahama Island.
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