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Spot Cargo Markets: US Crude Nears $70 on Hurricane Disruptions

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Crude oil prices rallied at the end of a stormy week in which Hurricane Ida knocked out 1.7 million barrels per day of US Gulf of Mexico production and up to 2 million b/d of nearby US Gulf Coast refining capacity. US domestic price-pin West Texas Intermediate jumped $2.57 per barrel to end the week at $69.99/bbl Thursday, while international benchmark Brent finished $1.96/bbl higher at $73.03/bbl. Analysts warned that US crude oil production would bounce back from the storm much faster than domestic refineries. That should put continued downward pressure on crude prices but could support products depending on end-user demand. Monday’s Labor Day holiday in the US marks the end of the summer driving season and usually heralds a sharp drop in mainstay US gasoline demand.

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