Loading…
Oil rose nearly 3% as Hurricane Sally shut more than a fifth of US offshore oil production and closed key export ports ahead of its Gulf Coast landfall. The storm's track shifted east toward western Alabama, sparing some refineries.
Brent rose to $40.53 and WTI settled at $38.28, though weak demand outlook limited gains.
Lost US Gulf production and port closures tighten crude and product supply, lifting diesel and energy costs for feed buyers. Weather-driven gains can fade quickly once output is restored.
cnbc.comReutersSep 15, 2020After 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.
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.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Hurricane Sally shut over a fifth of US offshore oil output and closed export ports on Sep 15, a direct supply-disruption driver of the ~3% Brent rise that day.
Hurricane Sally shut over a fifth of US offshore oil output and closed export ports, a supply disruption that lifted WTI, though the article dates it Sept 15 and the move ended Sept 16.
