Hurricane knocks out 42 percent of U.S. Gulf of Mexico oil output

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 12, 2024Oil rises 2% as storm batters US Gulf of Mexico production+5.3%
• Nov 5, 2024Oil prices edge up on Gulf of Mexico storm ahead of US election results-2.7%
• Dec 23, 2022Storm cuts U.S. oil, gas, power output, sending prices higher+3.3%
• Aug 23, 2020Oil Gains as U.S. Gulf Output and Refineries Halted Before Storm - Bloomberg+1.5%
• Sep 11, 2024US crude oil climbs more than $2 on fears of Hurricane Francine+8.2%

After 221 past bullish weather events, Natural Gas moved a median +3.3% over 5 sessions (61% higher; middle half -5.2% to +14.0%), and -0.3% over 20.

• Dec 23, 2022Storm cuts U.S. oil, gas, power output, sending prices higher-33.4%
• Oct 8, 2020UPDATE 2-U.S. natgas up to highest since August as Hurricane Delta shuts output By Reuters+0.8%
• Nov 11, 2024U.S. Natural Gas Prices Jump Over 10% After Hurricane Rafael Hits | OilPrice.com+20.1%
• Oct 7, 2020U.S. natgas jumps over 5% as producers shut wells ahead of Hurricane Delta By Reuters+14.2%
• Aug 26, 2020US natgas rises to 9-month high as output collapses ahead of Hurricane Laura - Markets - Business Recorder-5.8%