Breaking News: Hurricane Francine wreaks havoc on U.S. offshore energy production, impacting oil and gas markets. Find out the latest updates here!
HOUSTON (Multibagger) - Nearly a fifth of oil production and 28% of gas output in U.S. Gulf of Mexico federal waters remained offline in the aftermath of Hurricane Francine, the U.S. offshore energy regulator said on Sunday.
Francine tore through prime offshore oil and natural gas producing areas and slammed into Louisiana as a Category 2 hurricane on Wednesday. The storm toppled trees, flooded coastal areas and cut power in four southern states.
Energy producers had shut-in 338,690 barrels per day of oil production and nearly 515 million cubic feet of natural gas from Gulf waters, the Bureau of Safety and Environmental Enforcement estimated from producer reports.
Analysis:
Hurricane Francine has caused significant disruptions in the U.S. offshore energy production, leading to a decrease in oil and gas output in the Gulf of Mexico. This disruption can potentially impact global energy markets and prices, as well as the overall economy. Investors and individuals should closely monitor the situation and consider its implications on their investments and finances.