U.S. oil futures finished little changed on Tuesday as traders assessed the impact of Nicholas, a storm which made landfall at the Texas coast as a Category 1 hurricane. The storm’s impact was “much less than previously anticipated as no major new refinery or oil production facility was shut off that wasn’t already offline,” said Manish Raj, chief financial officer at Velandera Energy Partners. “Therefore, the market is seeing a reversal of price increase that arose due to storm Nicholas.” The Bureau of Safety and Environmental Enforcement reported Tuesday that an estimated 39.6% of oil production and 48.2% of natural-gas production in the Gulf remains shut in following Hurricane Ida, which made landfall on the Gulf Coast on Aug. 29. West Texas Intermediate crude for October delivery
edged up by a penny to settle at $70.46 a barrel. It traded as high as $71.22, which was the highest intraday level for a front-month contract since early August, according to FactSet data.