39% Of Oil Production At U.S. Gulf Of Mexico Shut As Hurricane Francine Takes Aim At Louisiana Coast
Portfolio Pulse from Benzinga Newsdesk
Hurricane Francine has led to the shutdown of 39% of oil production in the U.S. Gulf of Mexico as it approaches the Louisiana coast. This could impact oil companies operating in the region.
September 11, 2024 | 6:02 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) could see volatility due to the 39% shutdown of oil production in the Gulf of Mexico caused by Hurricane Francine.
The reduction in oil supply from the Gulf of Mexico could lead to increased oil prices, potentially benefiting USO in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Chevron (CVX) may experience short-term disruptions due to the shutdown of 39% of oil production in the Gulf of Mexico caused by Hurricane Francine.
Chevron is a major player in the Gulf of Mexico, and the shutdown of oil production due to the hurricane could lead to short-term operational and financial impacts.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Shell (SHEL) is likely to be impacted by the 39% reduction in oil production in the Gulf of Mexico as a result of Hurricane Francine.
Shell's operations in the Gulf of Mexico are significant, and the hurricane-induced production shutdown could lead to short-term disruptions.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
ExxonMobil (XOM) could be affected by the 39% shutdown of oil production in the Gulf of Mexico as Hurricane Francine approaches.
ExxonMobil has significant operations in the Gulf of Mexico, and the production shutdown could affect its short-term output and revenues.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80