{"id":14735,"date":"2024-07-09T20:05:48","date_gmt":"2024-07-10T00:05:48","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=14735"},"modified":"2024-07-09T20:05:49","modified_gmt":"2024-07-10T00:05:49","slug":"petroleum-daily-report-7-9-2024","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-7-9-2024\/","title":{"rendered":"Petroleum Daily Report 7-9-2024"},"content":{"rendered":"\n

Oil prices eased today after traders learned that prolonged supply disruptions from Hurricane Beryl were unlikely after oil producing hubs suffered less damage than originally feared. Although some offshore U.S. production sites were evacuated, ports closed and refining slowed, major refineries along the country’s Gulf Coast appeared to sustain minimal impact after Beryl weakened into a tropical storm. “Early indications suggest that most energy infrastructure has come through unscathed,” ING analysts Warren Patterson and Ewa Manthey wrote in a client note. Price action in crude oil and refined fuel markets reflected waning expectations of ongoing supply disruptions from the hurricane, they added. Oil investors also had a mixed reaction to comments by Federal Reserve Chair Jerome Powell, who told a Congressional hearing on Tuesday that the economy was no longer overheated and that the job market had eased. WTI traded down $.92 or -1.1% to close at $81.41. Brent traded down $1.09 or -1.3% to close at $84.66.<\/p>\n\n\n\n

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