Florida Braces for Second Hurricane in Two Weeks
October 7, 2024
Energy prices are higher to start out this week as a hurricane grows in the Gulf of Mexico, and traders worry about more shut in for oil and gas production. But with this come the potential for lower demand as well from a hurricane.
The market is again starting a new week with more rockets and bombs being shot in the Middle East and the tensions being high and keeping traders on edge for a real supply disruption.
The yield on the US benchmark US Treasury ten-year is back above 4% a level not seen since August.
Baker Hughes reported the oil rigs were down by 5 rigs now down to a total of 479 oil rigs. 121 oil rigs came offline in 2023, and 21 oil rigs have come offline in 2024 so far.
Friday’s US jobs number was higher than expected. The Bureau of Labor Statistics reported that 254,000 new jobs were created in September 2024. This was much higher than the 132,500 estimated by economists.
US President Joe Biden said he would think about alternatives to striking Iranian oil fields if he were in Israel’s shoes.
BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence.