More than 45% of total U.S. refining capacity is along the Gulf Coast, and most of that is now offline.
Natural-gas futures were on the rise, extending a climb to a three-year high, and crude-oil prices were mixed in electronic trading late Sunday as Hurricane Ida, which was downgraded to a Category 3 storm, delivered sustained winds of 150 mph to Louisiana and knocked out power in New Orleans.
Natural-gas futures, meanwhile, were adding to their loftiest prices since 2018, with the most-actively traded October contract NGV21, +1.39% rallying 1.5% on Globex, at around $4.45 per million British thermal units. The September natural-gas contract, which expired at the end of Friday’s session, settled at $4.37, according to Dow Jones Market Data.
However, futures for West Texas Intermediate crude oil CL.1, -0.19% CL00, -0.19%, the U.S. benchmark, were holding relatively steady at $68.73 a barrel, compared with a settlement for the most-active October contract CLV21, -0.19% at $68.74 a barrel on Friday.
iframe.twitter-tweet { width: 100% !important; } Hurricane Ida made landfall in Louisiana as a powerful Category 4 before being downgraded, according to the National Hurricane Center. Still, it remains a powerful storm.
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