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Hurricane Ida winds lift U.S. natural gas ETFs
Almost 90% of Gulf of Mexico’s oil production was shut down recently as Hurricane Ida batters the region.
By Rony Abboud
0
- Oil & Gas
- United States
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Almost 90% of Gulf of Mexico’s oil production was shut down recently as Hurricane Ida batters the region with strong winds and heavy rain.
According to the U.S. Energy Information Administration (EIA), the Gulf produces about 15% of the nation’s oil and 5% of its natural gas. Consequently, the storm lifted natural gas futures (NGV1) by almost 7% between Thursday and Sunday.
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Following the development, one of the largest Natural Gas ETFs, the United States Natural Gas Fund (UNG) posted +4.35% gains on Friday’s session.
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