Oil and gas prices are on the rise, with natural gas futures rallying to their highest finish since 2014 on Wednesday, reports MarketWatch. The rise in prices can be attributed to the damage done to production and refining operations in the Gulf of Mexico in the wake of Hurricane Ida.
“It’s clear that the storm was one of the most damaging on record for offshore oil and gas production, as well as import/export terminals and refineries in Louisiana,” said Robbie Fraser, global research & analytics manager at Schneider Electric, in a market update.