A Major Hurricane Capped Oil Output and Prices Barely Budged
- WTI prices fluctuated less than $2 a barrel during the week
- Louisiana retail gasoline prices rose about 4 cents a gallon
A truck drives past a damaged Citgo gas station in Lake Charles, Louisiana, after Hurricane Laura made landfall.
Photographer: Bryan Tarnowski/BloombergThis article is for subscribers only.
Looking at the oil market over the past week, it would be hard to tell that the strongest hurricane in more than a century tore through the Gulf of Mexico before striking southwest Louisiana.
Oil drillers shut in 84% of offshore crude output ahead of Hurricane Laura and refiners in the region halted a third of gasoline and diesel production. West Texas Intermediate crude futures started the week at $42.48 a barrel and are trading around $43 on Friday.