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Aug. 30, 2021, 4:34 a.m. EDT

Gasoline futures climb, oil drops as Hurricane Ida shutters Gulf Coast production

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By Barbara Kollmeyer

Gasoline futures jumped, while oil prices fell on Monday, as one of the strongest hurricanes to ever hit the U.S. shuttered refineries in the Gulf Coast. September gasoline futures climbed 1.6% to $2.31 a gallon, from Friday's close of $2.11 a gallon. Natural-gas futures rose around 1% to $4.42 per million British thermal units, extending the highest prices seen 2018. That's as October crude futures fell 1.2% to $67.88 a barrel. Hurricane Ida continued to rampage through Louisiana and move into Mississipi on Monday, and nearly 95% of U.S. oil and gas production in the Gulf Coast region was offline, according to S&P Global Platts.

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