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

> Oil rose more than 2% on October 26 as producers shut about 294,000 bpd of Gulf of Mexico output ahead of Tropical Storm Zeta. Libyan supply recovery and rising COVID-19 infections limited the gains. Brent was up 1.4% at $41.03 and WTI settled up 2.6% at $39.57.

- Date: 2020-10-27 · published 2020-10-27T12:00:00.000Z
- Category: weather · region US · magnitude low
- Page: https://feedsoft.ai/events/50819-oil-jumps-more-than-2-on-u-s-gulf-shutdowns
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The storm-driven supply disruption is short-lived and does not change the demand outlook, so the move has limited effect on feed input costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-09-11 | [US crude oil climbs more than $2 on fears of Hurricane Francine](https://feedsoft.ai/events/10172-us-crude-oil-climbs-more-than-2-on-fears-of-hurricane-francine.md) | +8.2% | +11.5% |
| WTI | 2022-10-01 | [Oil rises from 9-month low on U.S. Gulf supply cuts, softer dollar](https://feedsoft.ai/events/39751-oil-rises-from-9-month-low-on-u-s-gulf-supply-cuts-softer-dollar.md) | +16.5% | +10.2% |
| WTI | 2020-09-15 | [Oil jumps nearly 3% as Gulf Coast storm forces output cuts](https://feedsoft.ai/events/51283-oil-jumps-nearly-3-as-gulf-coast-storm-forces-output-cuts.md) | +5.5% | +5.5% |
| 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 | 2024-09-12 | [Oil rises 2% as storm batters US Gulf of Mexico production](https://feedsoft.ai/events/10166-oil-rises-2-as-storm-batters-us-gulf-of-mexico-production.md) | +5.3% | +8.4% |
| BRENT | 2024-09-11 | [US crude oil climbs more than $2 on fears of Hurricane Francine](https://feedsoft.ai/events/10172-us-crude-oil-climbs-more-than-2-on-fears-of-hurricane-francine.md) | +6.3% | +11.4% |
| BRENT | 2022-10-01 | [Oil rises from 9-month low on U.S. Gulf supply cuts, softer dollar](https://feedsoft.ai/events/39751-oil-rises-from-9-month-low-on-u-s-gulf-supply-cuts-softer-dollar.md) | +11.3% | +7.7% |
| BRENT | 2020-09-15 | [Oil jumps nearly 3% as Gulf Coast storm forces output cuts](https://feedsoft.ai/events/51283-oil-jumps-nearly-3-as-gulf-coast-storm-forces-output-cuts.md) | +4.6% | +5.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/10/27/oil-markets-coronavirus.html

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