- Hurricane Irma has shut down oil terminals across the Caribbean, adding to a fuel supply crunch in Latin America which is struggling to meet demand since Hurricane Harvey disrupted shipments from the U.S. Gulf Coast last month.
- More than 100M barrels of storage is available in the Caribbean, which is crucial for nearby nations because of limited ability to refine crude, and as supply into South America.
- Buckeye Partners (BPL -0.1%), the largest owner of oil storage facilities in the Caribbean, with 41M barrels of capacity, closed its Yabucoa terminal in Puerto Rico and will shut Borco, its largest terminal in the Bahamas that can store up to 26M barrels of oil and other products, by the end of today.
- NuStar Energy (NS +0.5%) on Tuesday closed its 13M-barrel Statia terminal on the island of St. Eustatius.
- Firms leasing tanks in closed terminals in St. Eustatius, St. Croix and Puerto Rico include traders Vitol, Glencore (LON:GLEN) (OTCPK:GLCNF, OTCPK:GLNCY), Venezuela’s state-run PDVSA, China’s Sinopec (NYSE:SNP) and Russia’s Rosneft (OTCPK:RNFTF).
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Hurricane Irma worsens Latin America's fuel supply crunch
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