Oil Prices Hits Highest Levels Since Pandemic Era

1

Crude and gasoline futures both climbed to levels not seen since before the pandemic as Hurricane Laura rattled toward a key stretch of the U.S. Gulf Coast that is home to the nation’s greatest concentration of refining capacity.

gasoline futures jumped 2.1% and crude futures added 1.7% on Tuesday, bringing both contracts to the highest since early March.

The US storm is expected to make landfall late Wednesday or early Thursday along the Texas-Louisiana coast as a Category 3 hurricane, according to the National Hurricane Center. 

More than 84% of oil output in the Gulf of Mexico has now shut and refiners including Exxon Mobil Corp. and Citgo Petroleum Corp. have reduced operations or closed plants in preparation.

Comments are closed.