Oil jumps more than 2% on U.S. Gulf shutdowns

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.

• Sep 11, 2024US crude oil climbs more than $2 on fears of Hurricane Francine+8.2%
• Oct 1, 2022Oil rises from 9-month low on U.S. Gulf supply cuts, softer dollar+16.5%
• Sep 15, 2020Oil jumps nearly 3% as Gulf Coast storm forces output cuts+5.5%
• Jul 11, 2019Oil slips 0.4% on dim OPEC demand forecast after early jump on Gulf of Mexico storm-6.2%
• Sep 12, 2024Oil rises 2% as storm batters US Gulf of Mexico production+5.3%

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.

• Sep 11, 2024US crude oil climbs more than $2 on fears of Hurricane Francine+6.3%
• Oct 1, 2022Oil rises from 9-month low on U.S. Gulf supply cuts, softer dollar+11.3%
• Sep 15, 2020Oil jumps nearly 3% as Gulf Coast storm forces output cuts+4.6%
• Sep 12, 2024Oil rises 2% as storm batters US Gulf of Mexico production+5.1%
• Aug 23, 2020Oil Gains as U.S. Gulf Output and Refineries Halted Before Storm - Bloomberg+2.2%