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Gulf oil producers, refiners shutdown ahead of Isaac
(Reuters) - Energy companies shut offshore rigs in the Gulf of Mexico and started closing coastal refineries on Monday as fears Tropical Storm Isaac would batter the vital oil and natural gas region at hurricane strength.
Gasoline futures rose as the storm raised fears of a repeat of deadly hurricanes Katrina, Gustav and Ike which damaged offshore operations and refineries, in some cases for months.
Fueled by warm Gulf waters, Isaac was expected to strengthen into at least a Category 1 hurricane and threatening to hit Louisiana midweek, seven years to the day after devastating Hurricane Katrina.
Marathon Petroleum Corp said on Monday it was initiating the shutdown of its 490,000 barrels-per-day (bpd) refinery in Garyville, Louisiana.
Phillips66 said it was in the process of shutting down its 247,000 barrel-per-day (bpd) Alliance refinery in Belle Chase, Louisiana, and that the plant would be offline by late Monday.
Louisiana Gov. Bobby Jindal said on Sunday Chevron Corp is "in the process" of shutting its 330,000 barrels-per-day (bpd) refinery in Pascagoula. Chevron declined comment on storm impacts.
Companies continued to shutdown offshore operations as the storm neared. The U.S. Bureau of Safety and Environmental Enforcement said on Sunday that 24.19 percent of the Gulf's oil output and 8.24 percent of natural gas production per day was shut down.
The Gulf of Mexico accounts for about 23 percent of U.S. oil production and 7 percent of natural gas output, according to the U.S. Energy Information Administration. About 30 percent of U.S. natural gas processing plant capacity and 44 percent of the country's refining capacity also line the Gulf Coast, the EIA said.
U.S. gasoline futures traded up 2.76 percent to $3.16 a gallon in early Monday activity, supported by the threat of Isaac and the disruption of Venezuela's largest refinery following a fire over the weekend.
SOURCE: http://www.reuters.com/article/2012/08/27/us-storm-isaac-shutdowns-idUSBRE87Q0JU20120827
Gasoline futures rose as the storm raised fears of a repeat of deadly hurricanes Katrina, Gustav and Ike which damaged offshore operations and refineries, in some cases for months.
Fueled by warm Gulf waters, Isaac was expected to strengthen into at least a Category 1 hurricane and threatening to hit Louisiana midweek, seven years to the day after devastating Hurricane Katrina.
Marathon Petroleum Corp said on Monday it was initiating the shutdown of its 490,000 barrels-per-day (bpd) refinery in Garyville, Louisiana.
Phillips66 said it was in the process of shutting down its 247,000 barrel-per-day (bpd) Alliance refinery in Belle Chase, Louisiana, and that the plant would be offline by late Monday.
Louisiana Gov. Bobby Jindal said on Sunday Chevron Corp is "in the process" of shutting its 330,000 barrels-per-day (bpd) refinery in Pascagoula. Chevron declined comment on storm impacts.
Companies continued to shutdown offshore operations as the storm neared. The U.S. Bureau of Safety and Environmental Enforcement said on Sunday that 24.19 percent of the Gulf's oil output and 8.24 percent of natural gas production per day was shut down.
The Gulf of Mexico accounts for about 23 percent of U.S. oil production and 7 percent of natural gas output, according to the U.S. Energy Information Administration. About 30 percent of U.S. natural gas processing plant capacity and 44 percent of the country's refining capacity also line the Gulf Coast, the EIA said.
U.S. gasoline futures traded up 2.76 percent to $3.16 a gallon in early Monday activity, supported by the threat of Isaac and the disruption of Venezuela's largest refinery following a fire over the weekend.
SOURCE: http://www.reuters.com/article/2012/08/27/us-storm-isaac-shutdowns-idUSBRE87Q0JU20120827
Great place to build a city, wouldn't you agree?
At the bottom of a bowl.
And they wonder why it floods...
At the bottom of a bowl.
And they wonder why it floods...
We damned sure don't want them. Our Murder rate has climbed almost every year since Katrina. Instead of the Bloods and the Crips, it's The 504 (N.O. area code) and The 225 (Baton Rouge Area Code)
I just got back from New Oleans about 30 minutes ago. I am working on the East Side just outside of Chalmet and had to secure everything before the Storm hits. I left just in time. The Traffic was just statring to build.
I just got back from New Oleans about 30 minutes ago. I am working on the East Side just outside of Chalmet and had to secure everything before the Storm hits. I left just in time. The Traffic was just statring to build.
What I can't wait for, is all the New Orleans "evacuees" to come to Houston!
Our population grew by about 250,000 after Katrina, so this ought to be good!!!
Our population grew by about 250,000 after Katrina, so this ought to be good!!!
Someone has to pay for evacuating all those employees and shutting it down. Guess who? Yup, we do! Per usual.
Supply and demand, but while the future markets trade on them OPEC is setting the price of a barrel and based on that the future market can change pricing in the US.
Oil companies/Wall Street: Uh-oh... time to raise oil-gas prices
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