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Energy Up as Hurricane Ian Curbs Gulf Production — Energy Roundup

Shares of energy companies rallied after Hurricane Ian made landfall in Florida as a Category 4 storm, constraining production in the Gulf of Mexico.

Oil futures rose by 4.7% to top $80 per barrel, as production and storage facilities looked set to be battered by one of the strongest storms to hit the state in living memory. As much as 190,000 barrels of oil per day of crude oil and 184,000 thousand cubic feet of natural gas per day was shut in, with only a fraction of that returning online Wednesday, according to research firm S&P Global Commodity Insights and government data.

French oil major TotalEnergies said it was considering spinning off its Canadian oil sands operations and listing them on the Toronto Stock Exchange.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

September 28, 2022 16:21 ET (20:21 GMT)

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