{"id":54928,"date":"2023-08-30T13:38:35","date_gmt":"2023-08-30T17:38:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/hurricane-idalia-makes-landfall-in-florida-oil-prices-rise\/"},"modified":"2023-08-30T13:38:38","modified_gmt":"2023-08-30T17:38:38","slug":"hurricane-idalia-makes-landfall-in-florida-oil-prices-rise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54928","title":{"rendered":"Hurricane Idalia Makes Landfall in Florida. Oil Prices Rise."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000732058\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Hurricane Idalia weakened after making landfall in the Big Bend area of Florida early Wednesday, but the storm\u2019s threat to oil production in the Gulf of Mexico caused crude prices to tick higher. <\/p>\n<p>Continuous-contract futures for benchmark<br \/>\n        West Texas Intermediate<br \/>\n       crude advanced 0.5% to $81.50 a barrel, near the highest levels since mid-August. <\/p>\n<div class=\"paywall\">\n<p>Idalia made landfall as a category 3 hurricane, slamming the Gulf Coast\u2014a key area for oil production\u2014with \u201ccatastrophic storm surge and destructive winds,\u201d the National Weather Service said. <\/p>\n<p>The National Hurricane Center said at 1 p.m.. Eastern time that the storm\u2019s maximum sustained winds were now at 80 mph, meaning it has weakened to a category 1 storm. The center of the storm was in Georgia.<\/p>\n<p>Jeremy Naylor, an analyst at broker IG, cited Energy Information Administration data that the offshore Gulf of Mexico accounts for about 15% of U.S. oil output and about 5% of natural gas production. \u201cSome if not all of that is under threat because of hurricane disruption.\u201d<\/p>\n<p>The storm at least looks to be disrupting energy operations, with<br \/>\n        Chevron<br \/>\n      (ticker: CVX) having evacuated staff from three offshore oil platforms while<br \/>\n        Kinder Morgan<br \/>\n       (KMI) planned to shut a petroleum pipeline, Reuters reported, citing the companies.<\/p>\n<p>Other factors also likely were lifting oil prices, including figures out late Tuesday from the American Petroleum institute suggesting potentially tighter supply. The API reported that crude stocks fell by 11.5 million barrels last week, more than the drop of 2.9 million barrels expected by analysts.<\/p>\n<p>In addition, Gabon, a major African oil producer and member of the Organization of the Petroleum Exporting Countries, is in the midst of a reported coup, with military officers claiming to have seized control of the government.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/hurricane-idalia-oil-prices-florida-b9784aee?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hurricane Idalia weakened after making landfall in the Big Bend area of Florida early Wednesday, but the storm\u2019s threat to oil production in the Gulf of Mexico caused crude prices to tick higher. Continuous-contract futures for benchmark West Texas Intermediate crude advanced 0.5% to $81.50 a barrel, near the highest levels since mid-August. Idalia made [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-54928","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hurricane Idalia Makes Landfall in Florida. 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