Thu Sep 12 00:51:25 UTC 2024: ## Oil Prices Flat as Demand Concerns Outweigh Hurricane Impact
**Tokyo, October 4, 2024** – Oil prices remained relatively unchanged on Thursday, as worries about softening demand outweighed the previous day’s gains spurred by Hurricane Francine’s disruption of U.S. production.
Brent crude futures for November climbed a modest 0.34% to $70.86 per barrel, while U.S. crude futures for October edged up 0.30% to $67.52 per barrel.
The previous session saw prices surge over 2% due to the closure of offshore platforms in the U.S. Gulf of Mexico and disruptions to refinery operations along the coast following Hurricane Francine’s landfall in southern Louisiana.
However, with the storm expected to weaken after making landfall, market focus shifted back to the ongoing concerns about lower demand. Data released by the Energy Information Administration revealed that U.S. oil stockpiles rose last week due to increased crude imports and decreased exports.
Furthermore, gasoline demand plummeted to its lowest level since May, while distillate fuel demand also declined, accompanied by a drop in refinery operations. The U.S., the world’s largest oil consumer, saw these trends impacting its market.
Earlier this week, the Organization of the Petroleum Exporting Countries (OPEC) downgraded its forecast for global oil demand growth in 2024 and 2025, marking its second consecutive downward revision.
With the upcoming release of the International Energy Agency’s monthly market report later this week, oil traders are closely monitoring for any further indications of a weakening demand outlook.
First Piper 