The US oil and gas industry dodged a significant threat with the passing of Hurricane Helene, which mainly affected Florida’s Big Bend area but did not seriously damage the principal production zones in the Gulf of Mexico. Despite the temporary disruption in supply, crude prices remained unaffected, with both Brent and WTI grades falling in the week.

Reports highlight that Gulf of Mexico evacuations curtailed an estimated 29% of oil production and 17% of natural gas as a precaution. Nonetheless, production is expected to recommence swiftly now that the storm has moved on. Oil markets continue to be largely influenced by declining demand in China due to weaker economic growth and a switch to increased use of LNG (Liquefied Natural Gas).

OPEC and the International Energy Agency’s divergent views on crude oil demand this year reflect market uncertainties. Rumors suggest that OPEC+ may proceed with planned output cuts in December to regain market share lost to other producers, including the US.

Crude prices are currently under pressure due to demand concerns fueled by China’s economic issues. Despite the Gulf of Mexico being spared from Hurricane Helene’s impact, there is still apprehension since the peak hurricane season doesn’t conclude until November 30.

Natural gas futures saw an uplift this week with November becoming the prompt month, and Gulf of Mexico outages contributing to a shrinking surplus. Despite this, concerns linger as the market enters October, typically considered a shoulder month for energy demand.

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