Tropical Storm Edouard makes landfall near Gulf Coast natural gas hub

Tropical Storm Edouard battered the Gulf Coast on Texas and Louisiana as it made landfall Tuesday — threatening yet another disruption to the supply of natural gas and vital petrochemicals following months of war in Iran.A hurricane watch was issued from High Island Texas to Cameron, Louisiana, an area that includes the Sabine Pass that connects to the Lone Star State’s Port Arthur refinery.The danger forced three liquefied natural gas (LNG) vessels to stay docked at Cheniere Energy Inc.’s export plant in the Pass, with four other vessels also waiting offshore, Bloomberg reported.

However, Edouard did not strengthen to a hurricane and instead brought 60 mph winds that were expected to quickly weaken.Storms like Edouard have the potential to disrupt shipping and energy production the the Gulf, with Hurricane Ike devastating the same area when it made landfall in 2008.Exxon Mobile and Cheniere Energy said they were monitoring the storm, with the later adding that it would modify operations if it’s deemed necessary.The storm was also forecasted to pummel Texas with up to 6 inches of rain.Potential damage and disruptions in the Gulf’s fuel refineries and travel routes would further complicate the state of the world’s oil situation.Both the wars in Ukraine and Iran have led to dwindling crude supplies, with no end in sight for either conflict as oil prices surge.

The global Brent crude oil benchmark climbed to $94 a barrel on Tuesday, a nearly 4% spike after attacks resumed between the US and Iran around the Strait of Hormuz.US crude prices also experienced a similar jump, with prices surging to more than $89 a barrel, with the average cost of gas in the country at nearly $4.10 a gallon....