Storm intensifies near Cuba

Tropical storm Michael is expected to intensify as it travels northwards in the Caribbean sea and it may have a major effect on US oil production and transportation by mid-week.

“The updated NHC forecast is near the upper-end
of the guidance and calls for rapid strengthening over the next 24
hours, and brings Michael to major hurricane status,” the latest forecast says.

The storm is expected to make US landfall on Wednesday.

Watch out for a short-term rise in oil prices but the trade in the past few years has been to fade hurricane-related rallies because of increased US onshore production.
Expect many announcement about offshore production shutdowns in the day ahead.

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