U.S. natural gas futures jumped over 10% to $2.94/MMBtu in Monday’s trading session after production disruption in the Gulf of Mexico in the wake of Hurricane Rafael. According to the U.S. Bureau of Safety and Environmental Enforcement (BSEE), 482,790 barrels of oil and 310 million cubic feet of natural gas, representing more than 25% of oil and 16% of natural gas output, were still shut in. Further, two drilling vessels were displaced while 37 out of 371 manned platforms (around 10%) remained evacuated. Total production losses in the…
