Hurricane Francine has disrupted Gulf of Mexico oil production, causing prices to rise over 2%. Major companies halted operations, affecting 25% of production. Despite a rise in U.S. crude inventories, supply concerns remain.
Energy prices have fallen, reducing annual inflation in August. However, the impact of Hurricane Francine has slightly increased oil prices due to halted operations in the Gulf of Mexico. Production has been affected, and speculative positioning in crude oil is at its lowest since 2011.
Curious Minds Corner
Question of the week
What is the name of the pipeline, built
in the 1970s, that transports oil from
fields near Prudhoe Bay across Alaska
to the port city of Valdez?
The first person to answer the week’s question wins a reward from LDV Consulting. Good Luck!