Oil prices were stronger today rising as the dollar slid. Meanwhile Hurricane Idalia is forecast to make landfall as a category 3. The storm will likely impact fuel distribution system and hit fuel consumption in the affected regions just ahead of Labor day. Adding to supply concerns, US rig count declined in august for the ninth month in a row. “Even with the potential for some demand destruction (from hurricane Idalia), the coming crude oil supply squeeze is becoming more painfully obvious,” said Price Futures Group analyst Phil Flynn. WTI traded up $1.06 or 1.3% to close at $81.86. Brent traded up $1.07 or 1.3% to close at $85.49.

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aar
  • Where: Renaissance Dallas Addison Hotel
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  • Where: Renaissance Schaumburg Convention Center Hotel
  • Attending: Curtis Chandler (239.405.3365), David Cohen (954-729-4774), Brian Baker (239)297-4519
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opis
  • Where: Charlotte Harbor, Florida
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