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2021-08-30

Hope there will not be any casualties from Ida...

What does Hurricane Ida mean for gas prices and the economy?

Hurricane Ida slammed into Louisiana as a Category 4 storm on Sunday, lashing the coast with 150 mil

What does Hurricane Ida mean for gas prices and the economy?

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By nightfall, power was knocked out to the entire New Orleans metropolitan area, according to Entergy(NYSE:ETR), with the&nbsp;failure&nbsp;of all eight transmission lines that deliver electricity to Louisiana's largest city. The pounding surf even submerged much of the shoreline under several feet of water and reversed the flow of the Mississippi River.</li>\n <li>The cost of the storm could exceed $40B and will test the flood defenses installed after Hurricane Katrina in 2005. Ironically, Ida came ashore on the 16th anniversary of Katrina's landfall, which left the region in shambles and killed more than 1,800 people. Ida has also triggered concerns about hospitals in New Orleans, which are reeling from a fourth wave of COVID-19 patients, though hundreds of emergency responders are in place, as well as the U.S. Army Corps of Engineers to assist in power restoration.</li>\n <li><i>Energy on watch:</i>WTI crude prices(CL1:COM)neared $70/barrel in anticipation of the storm on Sunday, but dropped to $68 overnight as Ida was downgraded to a Category 1 storm on the five-step Saffir-Simpson scale. However, 95% of total U.S. oil and gas production in the Gulf Coast region is still&nbsp;offline, prompting natural gas and gasoline futures to rise, with the \"worst case scenario of Ida adding 10 cents to 20 cents to the price of a gallon of gas through September,\" per Mark Zandi, chief economist at Moody’s Analytics. Offshore wells in the area account for 17% of total U.S. crude production and 5% of dry natural gas output, while more than 45% of total U.S. refining capacity is along the Gulf Coast.</li>\n <li><b>Impact on the economy?</b>Zandi may shave his forecast for GDP growth in the current quarter by a few tenths of a percentage point, but will likely add the loss back in the fourth quarter growth due to the rebuilding from the storm damage. For the second half of the year, he also&nbsp;expects&nbsp;GDP to expand by 6.5%, matching the average growth seen in the first six months of 2020. \"The key channel for Ida to impact the broader economy is through energy prices,\" Zandi declared. \"We will have to see how much damaged occurred to production in the Gulf and how long that production will stay off line.\"</li>\n</ul>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What does Hurricane Ida mean for gas prices and the economy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat does Hurricane Ida mean for gas prices and the economy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-30 16:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3735053-what-does-hurricane-ida-mean-for-gas-prices-and-the-economy><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hurricane Ida slammed into Louisiana as a Category 4 storm on Sunday, lashing the coast with 150 mile-per-hour winds, torrential downpours and life-threatening storm surges. By nightfall, power was ...</p>\n\n<a href=\"https://seekingalpha.com/news/3735053-what-does-hurricane-ida-mean-for-gas-prices-and-the-economy\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NWN":"西北天然气"},"source_url":"https://seekingalpha.com/news/3735053-what-does-hurricane-ida-mean-for-gas-prices-and-the-economy","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1107219143","content_text":"Hurricane Ida slammed into Louisiana as a Category 4 storm on Sunday, lashing the coast with 150 mile-per-hour winds, torrential downpours and life-threatening storm surges. By nightfall, power was knocked out to the entire New Orleans metropolitan area, according to Entergy(NYSE:ETR), with the failure of all eight transmission lines that deliver electricity to Louisiana's largest city. The pounding surf even submerged much of the shoreline under several feet of water and reversed the flow of the Mississippi River.\nThe cost of the storm could exceed $40B and will test the flood defenses installed after Hurricane Katrina in 2005. Ironically, Ida came ashore on the 16th anniversary of Katrina's landfall, which left the region in shambles and killed more than 1,800 people. Ida has also triggered concerns about hospitals in New Orleans, which are reeling from a fourth wave of COVID-19 patients, though hundreds of emergency responders are in place, as well as the U.S. Army Corps of Engineers to assist in power restoration.\nEnergy on watch:WTI crude prices(CL1:COM)neared $70/barrel in anticipation of the storm on Sunday, but dropped to $68 overnight as Ida was downgraded to a Category 1 storm on the five-step Saffir-Simpson scale. However, 95% of total U.S. oil and gas production in the Gulf Coast region is still offline, prompting natural gas and gasoline futures to rise, with the \"worst case scenario of Ida adding 10 cents to 20 cents to the price of a gallon of gas through September,\" per Mark Zandi, chief economist at Moody’s Analytics. Offshore wells in the area account for 17% of total U.S. crude production and 5% of dry natural gas output, while more than 45% of total U.S. refining capacity is along the Gulf Coast.\nImpact on the economy?Zandi may shave his forecast for GDP growth in the current quarter by a few tenths of a percentage point, but will likely add the loss back in the fourth quarter growth due to the rebuilding from the storm damage. For the second half of the year, he also expects GDP to expand by 6.5%, matching the average growth seen in the first six months of 2020. \"The key channel for Ida to impact the broader economy is through energy prices,\" Zandi declared. \"We will have to see how much damaged occurred to production in the Gulf and how long that production will stay off line.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":434,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["HOPE"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":41,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}