Energy Rises As Ida Approaches Gulf Of Mexico -- Energy Roundup

Shares of energy companies rose as a storm approached the U.S. energy hub in the Gulf of Mexico.

Oil futures approached the $70-a-barrel level, while natural gas futures rose 4.4% to $4.37-per-million British thermal units, the highest since December 2018, as Hurricane Ida bore down on the Gulf of Mexico, forcing many offshore energy production facilities and onshore refineries to halt output until the storm passes.

Ida strengthened to a hurricane Friday afternoon as it barreled toward Louisiana, spurring mandatory evacuation orders for New Orleans residents living outside the city's levee system, as reported earlier.

There were five active drills added to the ranks exploring for oil in the U.S., the fourth straight weekly increase, for a total of 410, according to the latest tally from Baker Hughes.

Shares of Navios Maritime Acquisition rallied after it agreed to a merger with affiliate Navios Maritime Partners.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

08-27-21 1628ET