# Oil slips 0.4% on dim OPEC demand forecast after early jump on Gulf of Mexico storm

> Oil eased 0.4% as OPEC forecast slower crude demand for next year, though futures stayed near one-month highs. Oil rigs in the Gulf of Mexico were evacuated ahead of Tropical Storm Barry, and Phillips 66 moved to close its Alliance refinery.

- Date: 2019-07-11 · published 2019-07-11T12:00:00.000Z
- Category: weather · region US · magnitude low
- Page: https://feedsoft.ai/events/58264-oil-slips-0-4-on-dim-opec-demand-forecast-after-early-jump-on-gulf-of-mexico
- 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

Gulf storm shut-ins threaten near-term US crude and refined supply, a factor that can lift energy prices and diesel costs for feed logistics.

## Read by commodity

- WTI: bullish ▲
- BRENT: neutral
- 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 | 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 | 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 | 2020-10-27 | [Oil jumps more than 2% on U.S. Gulf shutdowns](https://feedsoft.ai/events/50819-oil-jumps-more-than-2-on-u-s-gulf-shutdowns.md) | -4.6% | +11.7% |
| 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 | 2024-09-13 | [Oil eases on resuming US output after storm, rising rig count \| Reuters](https://feedsoft.ai/events/10168-oil-eases-on-resuming-us-output-after-storm-rising-rig-count-reuters.md) | +3.5% | +9.0% |
| BRENT | 2023-06-22 | [Analyst Insight: Rapeseed market influences – where next for soyabeans? \| AHDB](https://feedsoft.ai/events/9770-analyst-insight-rapeseed-market-influences-where-next-for-soyabeans-ahdb.md) | -4.1% | +3.1% |
| DIESEL | 2026-01-26 | [ULSD Rises Amid Winter Storm, Oil Slips on Output Returns](https://feedsoft.ai/events/21245-ulsd-rises-amid-winter-storm-oil-slips-on-output-returns.md) | +9.4% | +13.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/07/11/oil-markets-middle-east-gulf-of-mexico-in-focus.html

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