AME's Pervan Says Oil Markets Take Wait and See Approach

The transcript discusses the potential impact of a weather event on the oil market, noting that the market is currently taking a 'wait and see' approach. It highlights the shift in US oil production from offshore to onshore, reducing sensitivity to Gulf of Mexico events. If the weather moves westward, it could affect large oil-producing regions, impacting gasoline prices and refinery capacity. The event occurs during a period of slowing oil demand, which may lessen its impact on crude oil prices.

In what ways might the weather event affect refinery capacity in the Gulf?

Why might the sensitivity of the oil market to this weather event be different compared to previous events?