Oil prices up on concerns over Hurricane Francine's impact on US output
Oil rises on concerns over Hurricane Francine's impact on US output, News.Az reports.
On September 11, 2024, the price of Brent oil futures for November on the London ICE Futures exchange rose by 2.05%, to $70.61 per barrel.WTI oil futures for October on the electronic trading of the New York Mercantile Exchange (NYMEX) rose by 2.37%, to $67.31 per barrel.
On September 12, oil is rising.
By 11:30 Moscow time, the price of Brent futures for November on the electronic trading of ICE Futures rose by 1.23%, to $71.48 per barrel.
On NYMEX electronic trading, WTI oil futures for October rose by 1.31% to $68.19 per barrel.
Natural gas quotes in the US are holding at $2.2 per million BTU ($78.76 per 1000 m3).
On September 11, 2024, natural gas futures for October on NYMEX electronic trading rose by 1.70% to $2.270 per million BTU.
By 11:30 Moscow time on September 12, quotes fell by 0.44% to $2.260 per million BTU.
Gas quotes in Europe fell below $410 per 1000 m3.
October gas futures on the TTF hub (Netherlands) on ICE Futures were trading at 35.29 euros/MWh (408.3 US dollars/1000 m3) by 11:30 Moscow time on September 12, a decrease of 2.36% compared to the settlement price of the previous day.
Oil prices continue to rise after a confident rise at the end of the previous session amid the suspension of a significant portion of production capacity in the Gulf of Mexico due to Hurricane Francine.
The hurricane hit the coast of Louisiana this night.
According to official data, about 39% of US production capacity in the Gulf of Mexico was stopped due to its approach.
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