Remember that Rocket We Were Talking About Last Week? It Came, and its Name is Ida. The Beacon, 08/30/2021

The Headline:   Fast-emerging Hurricane Ida followed the path of Hurricanes Katrina and Rita through the heart of the Gulf offshore oil & gas production area, and has driven the market above the $4 mark to new 52-week highs.   Near-term prices will depend heavily on the amount of damage it caused, with fundamentals not expected to put any downward pressure on the market.              

The Bottom Line:    This is the “rocket” we mentioned last week – now it will be a matter of the degree and speed of the drop back down.   This will be a good week to let Lighthouse get your LOA signed, your bidders lined up, and your strategy in place so that you are ready when rates come back down.           

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