WTI crude prices ebbed below $48/b on Friday, and prices opened below $48/b this morning. Last week’s WTI crude prices increased by $0.20 between Tuesday and Friday. WTI prices currently are in the $47.50-$48.00/b range.
Hurricane Irma made landfall in the Florida Keys on Sunday morning as a Category 3 hurricane, with winds hitting 130 miles per hour. The state was spared the full fury of a Category 5 storm, though the storm remains strong and dangerous, with a 400-mile wide span. The storm made its turn toward the western coast of Florida, sparing the Miami area from some of the direst predictions. Sunday night, the storm was downgraded to a Category 2 hurricane, while on its way to the Tampa-St. Petersburg area. The National Hurricane Center downgraded Irma to Category 1 this morning, and expects that it will weaken to a tropical storm today, and a tropical depression by Tuesday afternoon.
Floridians expressed relief, with some likening the experience to “dodging a bullet.” Although the storm is not over, the forecast financial damages are being revised downward. For example, Enki Research cut to $49 billion its earlier financial damage estimate of $200 billion.
Baker Hughes published its rig count data on Friday. The number of active oil rigs dropped by three, falling from 759 to 756 during the week ended September 8. The number of active natural gas rigs rose by 4, going from 183 last week to 187 during the week ended September 8.
Today is the 16th anniversary of the 9/11 terrorist attacks on the U.S. A variety of memorials and services will be held, including the Tribute in Light in New York City.
WTI crude opened at $47.58/b this session, a steep drop of $1.51 from Friday’s opening. Currently this morning, WTI prices are $47.63/b, up by $0.05 since today’s opening. The daily price range has been $47.57-$47.94/b.