HOUSTON -Oil and gas companies in Texas restarted some operations on Tuesday after Hurricane Beryl lashed the state with 80-mph winds, while some facilities sustained damage and power had not been fully restored.
Weather forecasting firm AccuWeather issued a preliminary estimate of $28 billion to $32 billion in total damage and economic loss from the hurricane in the U.S. "Although the hurricane did not cause severe disruptions in U.S. oil production and refining so far, several oil ports remain closed, while vast power outages can weigh on oil demand," Goldman Sachs said in a note.
The Port of Corpus Christi reopened ship navigation on Monday. The Port of Freeport said it reopened on Monday, adding that some facilities were running on backup power while utility crews worked to restore electricity.