Oil rises 2% as storm batters US Gulf of Mexico production

After 40 past bullish weather events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% over 20.

• Nov 5, 2024Oil prices edge up on Gulf of Mexico storm ahead of US election results-2.7%
• Feb 15, 2021Oil hits pandemic high as winter storm pushes demand and poses production risk+3.6%
• Jul 11, 2019Oil slips 0.4% on dim OPEC demand forecast after early jump on Gulf of Mexico storm-6.2%
• Oct 10, 2018Hurricane knocks out 42 percent of U.S. Gulf of Mexico oil output-4.0%
• Aug 23, 2020Oil Gains as U.S. Gulf Output and Refineries Halted Before Storm - Bloomberg+1.5%

After 24 past bullish weather events, Crude Oil (Brent) moved a median +2.8% over 5 sessions (67% higher; middle half -1.9% to +5.2%), and +6.3% over 20.

• Nov 5, 2024Oil prices edge up on Gulf of Mexico storm ahead of US election results-4.0%
• Feb 15, 2021Oil hits pandemic high as winter storm pushes demand and poses production risk+0.7%
• Aug 23, 2020Oil Gains as U.S. Gulf Output and Refineries Halted Before Storm - Bloomberg+2.2%
• Aug 28, 2020-Oil prices dip as producers, refiners avoid worst of hurricane | Reuters-3.5%
• Sep 15, 2020Oil jumps nearly 3% as Gulf Coast storm forces output cuts+4.6%