Uneven recovery for U.S. offshore output drives prices higher
HOUSTON, Sept 3 - U.S. Gulf Coast energy companies on Friday advanced the recovery from Hurricane Ida on a few fronts, but slipped elsewhere as lack of crews, power and fuel reversed earlier production gains and helped drive prices higher.Ports were reopening and some pipelines restarted as companies completed post-storm evaluations. However, larger hurdles remained for producers and refiners that struggled to get up and running.Five days after the hurricane churned through offshore oil and gas
I personally feel Jerome Powell speech has caused market to panic sell. He shared on momentary policy still remains which is to continue buy $120b worth of bond every month.This is in return to encourage borrowing and spending cycle. There will be plans to continue helps lower unemployment rate which will also to boost the economy.Most importantly to get everyone vaccinated to ease the lockdown and boost the global economy.