Oil Prices Seesaw As Potential Storm Nears US Gulf Coast
Portfolio Pulse from Michael Juliano
Oil prices fluctuated as a potential hurricane approaches the U.S. Gulf Coast, affecting oil futures and stocks. Brent and WTI crude prices initially rose but then fell. Oil companies like Exxon Mobil, Chevron, and Marathon Oil saw gains, while ETFs like USO, UCO, and BNO declined.
September 09, 2024 | 2:58 pm
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POSITIVE IMPACT
Chevron's stock rose 0.58% as oil prices fluctuated with a potential hurricane approaching the U.S. Gulf Coast.
Chevron's stock benefited from the initial rise in oil prices driven by hurricane concerns, which could affect supply and refining operations.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Marathon Oil's stock increased by 0.52% as oil prices fluctuated due to a potential hurricane near the U.S. Gulf Coast.
Marathon Oil's stock rose as oil prices initially increased due to concerns over a potential hurricane impacting supply and refining capacity.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Exxon Mobil's stock gained 0.56% amid fluctuating oil prices due to a potential hurricane near the U.S. Gulf Coast.
Exxon Mobil's stock price increased as oil prices initially rose due to hurricane concerns, which could impact supply and refining capacity.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
United States Brent Oil Fund LP declined 1.04% as oil prices fluctuated with a potential hurricane approaching the U.S. Gulf Coast.
BNO ETF declined as Brent crude prices fell after an initial rise, reflecting market volatility due to hurricane concerns.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
ProShares Ultra Bloomberg Crude Oil fell 2.13% as oil prices fluctuated with a potential hurricane near the U.S. Gulf Coast.
UCO ETF saw a decline as oil prices dropped after an initial rise, driven by market volatility due to hurricane concerns.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The United States Oil Fund LP declined 1.15% as oil prices fluctuated with a potential hurricane approaching the U.S. Gulf Coast.
USO ETF declined as oil prices fell after an initial rise due to hurricane concerns, reflecting market volatility.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70