# Oil Gains as U.S. Gulf Output and Refineries Halted Before Storm - Bloomberg

> About 82% of Gulf of Mexico oil production was halted ahead of Hurricane Laura, and refinery closures could shut in more than 1 million barrels per day of capacity. Gasoline futures rose to their strongest level since before the pandemic on fears of fuel shortages, and crude rose 0.7% in New York and 1.8% in London.

- Date: 2020-08-23 · published 2020-08-23T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/51786-oil-gains-as-u-s-gulf-output-and-refineries-halted-before-storm-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Large Gulf output and refinery shutdowns tighten near-term crude and fuel supply, which lifts energy prices. The effect is temporary once production restarts, but it raises diesel and freight costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2022-12-23 | [Storm cuts U.S. oil, gas, power output, sending prices higher](https://feedsoft.ai/events/38414-storm-cuts-u-s-oil-gas-power-output-sending-prices-higher.md) | +3.3% | +3.0% |
| WTI | 2026-01-23 | [US energy sector braces for winter storm as crude and natural gas output fall \| Reuters](https://feedsoft.ai/events/4761-us-energy-sector-braces-for-winter-storm-as-crude-and-natural-gas-output-fall.md) | +9.6% | +12.3% |
| 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% |
| 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% |
| 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% |
| BRENT | 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) | +5.1% | +9.0% |
| 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% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-08-23/oil-rallies-as-twin-hurricane-threat-disrupts-u-s-production

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