{"id":55238,"date":"2023-08-31T07:32:37","date_gmt":"2023-08-31T11:32:37","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/u-s-oil-prices-end-at-highest-in-over-a-week-as-hurricane-idalia-aims-for-florida\/"},"modified":"2023-08-31T07:32:39","modified_gmt":"2023-08-31T11:32:39","slug":"u-s-oil-prices-end-at-highest-in-over-a-week-as-hurricane-idalia-aims-for-florida","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55238","title":{"rendered":"U.S. oil prices end at highest in over a week as Hurricane Idalia aims for Florida"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002448559\" role=\"document\">\n<p>Oil futures climbed on Tuesday, with U.S. prices settling at their highest in more than a week, buoyed by risks to energy market operations posed by Hurricane Idalia as it heads towards Florida.<\/p>\n<p>Ongoing concerns about energy demand, however, helped to limit gains for oil prices.  <\/p>\n<div class=\"paywall\">\n<h2>Price history<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for October delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.83%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.83%<\/bg-quote><\/p>\n<p>        CLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726813\/delayed\" class=\"positive\">+0.83%<\/bg-quote><br \/>\n       climbed $1.06, or 1.3%, to settle at $81.16 a barrel on the New York Mercantile Exchange, the lowest front-month finish since Aug. 18, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      October Brent crude<br \/>\n        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"positive\">+0.75%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added $1.07, or 1.3%, at $85.49 a barrel on ICE Futures Europe, the highest in about two weeks. November Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.75%<\/bg-quote><\/p>\n<p>        BRNX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705773\/delayed\" class=\"positive\">+0.75%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract, rose $1.04, or 1.2%, to $84.91 a barrel.<\/p>\n<\/li>\n<li>\n      September gasoline<br \/>\n        RBU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376526\/delayed\" class=\"positive\">+1.14%<\/bg-quote><br \/>\n       lost 0.2% to $2.79 a gallon and September heating oil<br \/>\n        HOU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376445\/delayed\" class=\"positive\">+0.18%<\/bg-quote><br \/>\n       settled at $3.21 a gallon, up 0.2%.<\/p>\n<\/li>\n<li>\n      September natural gas<br \/>\n        NGU23<span><\/span><br \/>\n       lost 0.9% at $2.56 per million British thermal units on the contract\u2019s expiration day.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The National Hurricane Center warned late Tuesday morning that Hurricane Idalia was strengthening, and had the potential for \u201cdestructive life-threatening winds where the core of Idalia moves onshore in the Big Bend region of Florida.\u201d<\/p>\n<p>\u201cLittle impact to crude production is expected this far east in the Gulf, but local disruptions to demand are expected for refined products markets,\u201d StoneX\u2019s Kansas City energy team, led by Alex Hodes, wrote in Tuesday\u2019s newsletter.<\/p>\n<p><strong>Read: <\/strong>Idalia heads for Florida; Citgo fuel contamination problem strikes first<\/p>\n<p>Crude has rallied this summer in response to supply cuts from the Organization of the Petroleum Exporting Countries and its Russia-led allies \u2014 a group known as OPEC+. An additional, voluntary cut of 1 million barrels a day by Saudi Arabia that began in July and is set to run at least through September has been cited as a particular pillar of support.<\/p>\n<p>But worries over the global economic outlook have served to limit upside. China\u2019s economic data has routinely disappointed this year, while the country\u2019s troubled property sector has amplified concerns about demand from the world\u2019s second-largest crude consumer.<\/p>\n<p>\u201cThe economic news seems dominated by China\u2019s troubles, which is bearish, along with the glacial progress in removing sanctions on Iran and Venezuela,\u201d Michael Lynch, president of Strategic Energy &amp; Economic Research, told MarketWatch. \u201cAlso, the summer driving season is nearing an end.\u201d <\/p>\n<p>Overall, Lynch expects a drift downward this week for oil, \u201cmaybe several dollars lower, but expectations of tightening in the next few months (based on the IEA forecast) will prevent any serious slide\u201d in prices, he said.<\/p>\n<p>The Energy Information Administration will release its weekly U.S. petroleum supply report Wednesday morning.<\/p>\n<p>On average for the week ended Aug. 25, analysts expect the report to show supply declines of 5.2 million barrels for crude, 600,000 barrels for gasoline, and 1.4 million barrels for distillates, according to a survey conducted by S&amp;P Global Commodity Insights.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-higher-as-traders-monitor-hurricane-idalia-c9982fcb?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures climbed on Tuesday, with U.S. prices settling at their highest in more than a week, buoyed by risks to energy market operations posed by Hurricane Idalia as it heads towards Florida. Ongoing concerns about energy demand, however, helped to limit gains for oil prices. Price history West Texas Intermediate crude for October delivery [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-55238","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. oil prices end at highest in over a week as Hurricane Idalia aims for Florida | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures climbed on Tuesday, with U.S. prices settling at their highest in more than a week, buoyed by risks to energy market operations posed by\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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