Oil prices rose for the day on the back of hurricane Sally’s expected landfall in the Gulf. The already battered region is running through the same fire drill as a couple of weeks ago shutting production and closing export terminals. Disrupting events like this are usually a good thing for oil prices however the extraordinary circumstances of the pandemic and its effects on demand are keeping prices in check. In a report yesterday, BP said the relentless growth is oil demand may have peaked in 2019. Their best-case scenario is “broadly flat” demand over the next 20 years as the world transitions to cleaner energy. WTI traded up $1.02 or 2.74% to close at $38.28. Brent traded up $.92 or 2.32% to close at $40.53.
