Hurricane Irma could destroy the demand for oil by the refinery shut downs and restarting. Irma knocked out power to nearly 5.8 million Florida homes and businesses on Sunday after millions were instructed to evacuate. This all comes after we had another hurricane hit the U.S. oil hub of Texas, knocking out a quarter of the nation's refineries. Even with all of the shut downs, we are still dealing with a global glut of oil. The refineries both in Texas and Florida are expected to come back online by Thursday September 14th. This should only add to the continuing oil glut.
In summation, there is no need to paniak by ordering oil to early. Here at Net Fuels, we are committed to providing the best possible service and pricing on home heating oil and diesel fuels. There is no way to guess where oil prices will go, but at this time it seems the only way for prices to go is down to pre hurricane levels.
S. Barkin - Fuel Oil Operations Manager.