On October 15, 2024, S&P Global Ratings announced that three public utility systems have had their credit ratings placed on negative watch due to significant infrastructure damage caused by Hurricane Helene. The affected systems include water bonds in Asheville, North Carolina, and utility revenue debt from the Erwin Utilities Authority and Greeneville in Tennessee. This designation suggests a potential downgrade in credit ratings in the near future.
In a separate development, US oil producers have capitalized on the recent surge in crude oil prices, driven by escalating tensions between Iran and Israel. As US crude futures jumped over $10 a barrel at the start of October, traders reported a notable increase in hedging trades, indicating a proactive approach to securing future sales amidst market volatility.