Impact of Hurricane Francine: 30% of U.S. Gulf of Mexico Production Offline
Investing in the energy sector? Here's what you need to know. Nearly 30% of U.S. Gulf of Mexico production and 41% of its oil production remained offline on Saturday following Hurricane Francine, according to the U.S. offshore energy regulator. This has led to more than 522,000 barrels of oil production per day and 755 million cubic feet of natural gas offline due to the storm. Additionally, 52 oil and gas platforms were unmanned by energy workers, down from 171 evacuated platforms at its peak earlier in the week.
Analysis:
Hurricane Francine has had a significant impact on the energy sector, with a large portion of production offline in the U.S. Gulf of Mexico. This could potentially lead to disruptions in the supply of oil and natural gas, affecting prices and overall market dynamics. Investors in the energy sector should closely monitor the situation and consider how this could impact their portfolios.