Position Update:
Bought Crude Oil at 69.79
Stop Loss at 67.79
Impact of Hurricane on Crude Oil:
Hurricane Francine has struck the Louisiana coast with winds reaching 100 mph (161 km/h), causing power outages for 375,000 customers and bringing heavy rain and flooding to the region. The storm’s winds have weakened rapidly, and by early Thursday, it reached southern Mississippi, affecting 54,000 customers.
The impact on energy production is becoming evident with new high estimates of lost production from over 171 evacuated offshore platforms. Woodside Energy also halted production from offshore platforms due to power outages on land.
UBS analysts predict that the storm will disrupt production in the Gulf of Mexico by approximately 1.5 million barrels, leading to a reduction of around 50,000 barrels per day in the region’s monthly oil production.
