On September 11, 2024, oil prices saw a notable increase due to fears that Hurricane Francine might disrupt US production. Brent crude oil for November delivery on the London ICE Futures exchange climbed by 2.05%, reaching $70.61 per barrel. Meanwhile, WTI crude oil for October delivery on the New York Mercantile Exchange (NYMEX) rose by 2.37%, settling at $67.31 per barrel.
On September 12, oil prices continued their upward trend. By 11:30 Moscow time, Brent futures for November on ICE Futures increased by 1.23%, trading at $71.48 per barrel. WTI futures for October on NYMEX gained 1.31%, reaching $68.19 per barrel.
Natural gas prices in the US remained steady at $2.20 per million BTU ($78.76 per 1000 m³). On September 11, natural gas futures for October on NYMEX rose by 1.70% to $2.27 per million BTU. However, by 11:30 Moscow time on September 12, prices had fallen by 0.44% to $2.26 per million BTU.
In Europe, natural gas prices dropped below $410 per 1000 m³. By 11:30 Moscow time on September 12, October gas futures at the TTF hub in the Netherlands were trading at 35.29 euros/MWh (approximately $408.30 per 1000 m³), down by 2.36% from the previous day’s settlement price.
The recent rise in oil prices follows a significant increase at the end of the previous session. This surge is attributed to the suspension of a large portion of production capacity in the Gulf of Mexico caused by Hurricane Francine, which made landfall in Louisiana overnight. Official reports indicate that approximately 39% of US production capacity in the Gulf of Mexico was halted in anticipation of the hurricane’s impact.