Hurricane Ida pummels energy suppliers

The storm tore through US offshore oil and gas fields and the production losses will push up retail gasoline prices.

Hurricane Ida pummeled US Gulf Coast energy suppliers, knocking out most of the region’s offshore wells and nearly half its motor fuel production and drove prices broadly higher. The storm crashed into the Louisiana coast on Sunday, tearing through US offshore oil and gas fields with 241km/h (150mph) winds and pushing up to 3.7 meters (12 feet) of water ashore. More than 620,000 homes and businesses in Louisiana were without power. Production losses – including at six Gulf Coast refineries – will lift retail gasoline prices by 5 to 10 cents a gallon, said tracking firm GasBuddy. Gasoline futures jumped as gasoline for October spiked more than 4 percent in New York before paring its advance. Crude oil was little changed in Asia trading on Monday after recent gains.