HOUSTON (Reuters) – Energy companies on Friday continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut by Hurricane Laura as oil markets largely shrugged off the storm’s impact.

Satellite imagery showing Lake Charles regional airport after Hurricane Laura hit, in Lake Charles, Louisiana, U.S. in this August 27, 2020 handout photo. Satellite image ©2020 Maxar Technologies/Handout via REUTERS

Some 300 offshore production facilities and half-dozen refineries were halted ahead of a Category 4 storm that hit the coast of Louisiana with winds of 150 mile per hour (240 kph). The destructive winds cut a narrow path through the area.

Citgo Petroleum said its [PDVSAC.UL]s 418,000-barrel per day Lake Charles, Louisiana, plant sustained wind damage that will take days to assess, preventing an immediate restart.

Sources familiar with operations at the Lake Charles refinery said the hurricane caused extensive damage which would require four to six

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A pedestrian passes in front of the New York Stock Exchange.

Michael Nagle | Bloomberg | Getty Images

Stock futures were little changed in Tuesday early morning trade after the S&P 500 on Monday once again failed to reach a record, a level set before the coronavirus crisis hit.

Futures on the Dow Jones Industrial Average dipped 8 points. S&P 500 futures and the Nasdaq 100 futures traded in marginally positive territory.

The S&P 500 closed Monday’s session up 0.3%, just shy of its record closing high of 3,386.15 from February 19. The broad equity gauge has been flirting with its all-time high since last week. 

“Markets lack a catalyst to help markets overcome technical resistance,” Mark Hackett, Nationwide’s chief of investment research, said in a note. “The S&P 500 has seen its best 100-day move in history, and therefore embeds optimistic assumptions on the economic recovery and fiscal stimulus.

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The market didn’t have any energy in this lazy summer session, which left each of the major indices little changed on Friday. However, they still managed weekly gains.

The Dow significantly outperformed its counterparts over the past five days by rising 1.8%. The S&P rose a little more than 0.6%, while the NASDAQ barely stayed positive this week by advancing .08%. It only advanced 8 points since last Friday’s close.

The big news of late has been the S&P, which spent the whole week attempting to close at a new high. The index broke through the Feb 19 record at 3386.15 a few times, but it just couldn’t stay above the mark.

It closed lower by 0.02% on Friday to 3372.85. Given such a small decline, it remains a little more than 13 points away from making history. So this will likely be a big story again next week.


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