The Energy Bulletin Weekly – 30 August 2021
Prices advanced as hurricane Ida shut off some 59% of Gulf of Mexico crude production. At the same time, the Federal Reserve reinforced its support to begin tapering stimulus by the end of the year. Futures in New York rose 2% on Friday to post the biggest weekly gain in more than a year. Federal Reserve Chair Powell said the central bank could begin reducing its monthly bond purchases this year, though it won’t be in a hurry to start raising interest rates after that. Some 49% of Gulf natural gas production was also shut ahead of the storm. The Gulf accounts for roughly 17% of the nation’s oil production, totaling about 1.7 million b/d, and 5% of its dry gas production.