Hurricane Ian, identified as the sixth most powerful hurricane in US history, and one of the worst to hit Florida, stimulated rapid intermittent buying of crude oil, diesel, gasoline, natural gas, orange juice, and lumber all week.

After a brief hiatus, as the category 4 storm moved into the Atlantic and lost energy, the eye was aiming at the Carolinas for a somewhat milder category 1 dose of flooding and damage.

Crude, heating oil and gasoline spiked upward midweek but weakened on Friday as damage to rigs and refineries were assessed. Frozen OJ continued higher throughout the week. By late Friday, December crude was $79 per barrel, down roughly $3.50 from last Friday. December gasoline was $2.28 per gallon, down about 7 cents from last Friday. December diesel fuel traded at $3.13.

Wheat, the grain most impacted by the war in Ukraine, staged a huge rally, accelerating all week. That rally was also fueled by a bullish USDA report, indicating lower wheat stocks than had been expected. December wheat closed at $9.23 per bushel, whereas December corn was only up a shade at $6.78. November beans were actually down almost 80 cents on the week at $13.66.

European Nations Claim Sabotage of Gas Line: The NATO Alliance warned that Russia was responsible for damage and multiple leaks from natural gas pipelines in the Baltic Sea. The pipelines run underwater from Russia to Germany and, while not being used when the damage occurred, provided a potential route for Europe to receive Russian gas this winter. The hope that will occur is now abandoned. U.S. natural gas prices showed little reaction with November gas trading at $6.79 per 10,000 MMBtus.

Opinions are solely the writer’s. Walt Breitinger is a commodity futures broker in Valparaiso, Indiana. He can be reached at 800-411-3888 or www.indianafutures.com. This is not a solicitation of any order to buy or sell any market.