Oil Drops on Weakened Tropical Storm Ida Outlook (USO, OIL, OIH, DIG)
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Oil prices rose on speculation that Ida would be a hurricane when it hits land later on this week. The storm has since died down to a tropical depression, boasting winds around 35 MPH.
Speculators expected the shutdown of refineries on the Gulf of Mexico, putting a crimp in oil production. However, there still may be other disruptions, such as flooding and wind damage, that may alter production.
ETF's to watch:
- United States Oil Fund LP (NYSE: USO) is trading about 0.30% lower to $40.37.
- ProShares Ultra Oil & Gas (NYSE: DIG) is up about 0.10% to $36.31.
- Oil Service HOLDRs (NYSE: OIH) is lower about 0.80% to $123.70.
- iPath S&P GSCI Crude Oil Total Return (NYSE: OIL) is down about 0.37% to $26.71.
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