Hurricane Nate is strengthening and is expected to hit the shores of the US Gulf Coast between Louisiana and the Florida Panhandle this weekend. The storm is poised to upset the commodities markets, as it has already caused oil and gas platforms in the Gulf to be closed again, and is threatening cotton and orange crops, industries already reeling from Hurricane Irma. The offshore rigs and platforms account for around 17% of US oil output and around 45% gas production, with 4% of petroleum refining capacity and 51% gas processing on the coast.
Hurricane Nate is strengthening and is expected to hit the shores of the US Gulf Coast between Louisiana and the Florida Panhandle this weekend. The storm is poised to upset the commodities markets, as it has already caused oil and gas platforms in the Gulf to be closed again, and is threatening cotton and orange crops, industries already reeling from Hurricane Irma. The offshore rigs and platforms account for around 17% of US oil output and 4% gas production, with around 45% of petroleum refining capacity and 51% gas processing on the coast.