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Sept. 27, 2022, 2:39 p.m. EDT

Oil settles higher; Hurricane Ian leads to a slowdown in Gulf oil, natural-gas output

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By Myra P. Saefong

Oil futures climbed Tuesday, with U.S. prices edging up from a nearly nine-month low a day earlier, as some oil and natural-gas producers slow production in the Gulf of Mexico in preparation for Hurricane Ian. The Bureau of Safety and Environmental Enforcement reported Tuesday that in response to the storm, 11% of oil production and 8.56% of natural-gas production in the Gulf has been shut in. November WTI crude rose $1.79, or 2.3%, to settle at $78.50 barrel on the New York Mercantile Exchange. Natural-gas prices appeared unfazed by the shut ins, though some analysts raised worries about weaker demand due to the storm. October natural gas was down nearly 3.7% to settle at $6.651 per million British thermal units.

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