DJ Oil Prices Slip as Hurricane”s Market Impact Assessed

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DJ Oil Prices Slip as Hurricane”s Market Impact Assessed

WTI oil prices slip 0.2% to $68.62 a barrel as oil investors try to gauge Hurricane Ida’s overall supply-and-demand impact. Offshore oil production has been almost completely halted for safety reasons, but unless equipment sustained damage that lost production should be recouped over the coming days. “Crude oil prices have pulled back from Friday’s hurricane rally, but are likely to stay firm and could resume climbing,” says Spartan Capital’s Peter Cardillo. Some refineries are also shut, and portions of the vital Colonial pipeline that transports fuel from Texas refineries to the South and the East Coast are also down, factors that are pushing RBOB gasoline 1.5% higher to $2.1513 a gallon.