U.S. crude oil prices fell for the third straight session on Tuesday, as Gulf Coast oil infrastructure appears to have avoided any substantial damage from Tropical Storm Beryl.
On Monday, Beryl made landfall in Matagorda, Texas, as a Category 1 hurricane but later weakened into a tropical storm.
Beryl has moved inland as a tropical depression and is now north of Shreveport, Louisiana, according to the National Hurricane Center.
U.S. oil inventories fell by 12.2 million barrels for the week ended June 28, and gasoline stocks declined by 2.2 million barrels in a potential bullish sign for the market.
Macquarie, however, is forecasting that oil inventories dropped by 1.2 million barrels last week, with the total balance "only modestly tighter than we had anticipated," according to a Monday note.
Persons:
Beryl, John Evans, Shell, Evans
Organizations:
National Hurricane Center, Corpus Christi, Colorado State University, Traders
Locations:
Gulf, Matagorda , Texas, Shreveport , Louisiana, Corpus, Houston, Gulf of Mexico, Texas, U.S