Oil Prices Rise as Market Tracks Hurricane Sandy's Impact
The largest U.S. East Coast refinery in Philadelphia began reinstating production after Hurricane Sandy hit on Tuesday. A smaller plant nearby operated without trouble.
While some refineries were still without power, oil prices slightly rose as traders assessed the impact of the hurricane on crude demand in the U.S.
According to an industry analyst, the supply side of the refinery shutdowns is strong for energy, but should set against the demand side impact of a shutdown transportation system.
Americans were greeted to scenes of destruction Tuesday after Hurricane Sandy hit the East Coast, flooding parts of New York City which left millions of people without electricity and shutting down public transportation systems. The storm weakened as it moved further inland.
At least 13 people were killed in the U.S. and Canada as the storm pounded several major cities with heavy rain and winds.
President Barack Obama declared the hurricane a major disaster and has cleared the way for federal grants and loans to help storm victims seek temporary housing and repair damage.
Refineries are closed and major travel routes are shut down to traffic.
Cruise ships still delayed at sea:
• Norwegian Gem
• Royal Caribbean’s Enchantment of the Sea