Last year, hurricane season disrupted a lot of oil production and refining capacity along the U.S. Gulf Coast, sending oil prices soaring. This year, however, oil bulls may be in for a disappointment as forecasts are for a quieter hurricane season. Colorado State University recently revised its forecast for the number of named storms this season to 11 from 14, Bloomberg reports , and meteorologists from AccuWeather predicted the formation of an El Nino in August, which will reduce the likelihood of tropical storm formation. AccuWeather expects between 10 and 12 named storms this season, and between 2 and 4 major hurricanes. Colorado State University expects just one storm to develop into a major hurricane. With 20 percent of U.S. crude production capacity and 45 percent of refining capacity in the Gulf of Mexico, it is easy to see why storm forecasts are important for oil traders—bulls and bears […]