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

> Storm Francine shut in a large share of Gulf of Mexico oil output on Thursday. WTI futures rose $1.66 (2.5%) to settle at $68.97 per barrel, and Brent rose $1.36 (1.9%) to $71.97.

- Date: 2024-09-12 · published 2024-09-12T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/10166-oil-rises-2-as-storm-batters-us-gulf-of-mexico-production
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lost offshore output tightens near-term crude supply, which lifts crude prices and raises input costs for diesel and fuel-linked feed logistics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2024-09-12 | 1 | +5.0% | 3.5 | Storm Francine shut in a large share of US Gulf of Mexico crude output on 2024-09-12, a direct supply disruption that lifted Brent that day. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-11-05 | [Oil prices edge up on Gulf of Mexico storm ahead of US election results](https://feedsoft.ai/events/27566-oil-prices-edge-up-on-gulf-of-mexico-storm-ahead-of-us-election-results.md) | -2.7% | -2.3% |
| WTI | 2021-02-15 | [Oil hits pandemic high as winter storm pushes demand and poses production risk](https://feedsoft.ai/events/48835-oil-hits-pandemic-high-as-winter-storm-pushes-demand-and-poses-production-risk.md) | +3.6% | +9.9% |
| WTI | 2019-07-11 | [Oil slips 0.4% on dim OPEC demand forecast after early jump on Gulf of Mexico storm](https://feedsoft.ai/events/58264-oil-slips-0-4-on-dim-opec-demand-forecast-after-early-jump-on-gulf-of-mexico.md) | -6.2% | -15.3% |
| WTI | 2018-10-10 | [Hurricane knocks out 42 percent of U.S. Gulf of Mexico oil output](https://feedsoft.ai/events/7404-hurricane-knocks-out-42-percent-of-u-s-gulf-of-mexico-oil-output.md) | -4.0% | -17.0% |
| WTI | 2020-08-23 | [Oil Gains as U.S. Gulf Output and Refineries Halted Before Storm - Bloomberg](https://feedsoft.ai/events/51786-oil-gains-as-u-s-gulf-output-and-refineries-halted-before-storm-bloomberg.md) | +1.5% | -7.2% |
| BRENT | 2024-11-05 | [Oil prices edge up on Gulf of Mexico storm ahead of US election results](https://feedsoft.ai/events/27566-oil-prices-edge-up-on-gulf-of-mexico-storm-ahead-of-us-election-results.md) | -4.0% | -3.6% |
| BRENT | 2021-02-15 | [Oil hits pandemic high as winter storm pushes demand and poses production risk](https://feedsoft.ai/events/48835-oil-hits-pandemic-high-as-winter-storm-pushes-demand-and-poses-production-risk.md) | +0.7% | +10.6% |
| BRENT | 2020-08-23 | [Oil Gains as U.S. Gulf Output and Refineries Halted Before Storm - Bloomberg](https://feedsoft.ai/events/51786-oil-gains-as-u-s-gulf-output-and-refineries-halted-before-storm-bloomberg.md) | +2.2% | -3.4% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-flat-lower-demand-signs-outweigh-us-hurricane-impact-2024-09-12/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.