Buyers’ fears of further price rises in the wake of future storms and rising crude oil prices have pushed bunker fuel prices at Rotterdam to their highest level in almost nine months, according to a statement released by S&P Global Platts yesterday (Wednesday).
“In recent years, oil market participants have become used to tropical storms causing no lasting damage to the energy infrastructure. This may change now,” analysts at German financial services company Commerzbank told Platts.
In the previous week, the first major hurricane to make landfall in the US, Hurricane Harvey, had wreaked havoc across Texas and the more powerful Irma has just recently hit the Caribbean. Meanwhile a close eye is being kept on Hurricane Jose in the Atlantic as it could possibly become another major hurricane.
