Global demand has pushed oil prices to a new higher platform, and risks of serious supply disruption (Iran, Nigeria) are adding a premium to prices.
Coming so early in the season, these storms raise the odds that there will be a repeat of last year's large disruption to H2 U.S. production.
There's just been too much disruption to too many parts of the whole supply chain. There's a worry that it's going to take longer to get things back.
The Ecuador barrels missing from the market are another little unwelcome disruption to supply, and we're not even halfway through the Atlantic hurricane season.