Hurricane Isaias shuts in Gulf oil platforms
Hurricane Isaias has shut in offshore oil production platforms and may affect two U.S. Gulf Coast refineries. The storm has already disrupted offshore crude oil and natural gas output, according to EIA and operator reports.
S. Gulf Coast. m. ET update.
Isaias is currently moving north-northeast at 15 mph and is expected to make landfall along the Mississippi coastline late Friday or early Saturday, according to NHC. S. Gulf Coast region, the Energy Information Administration said early Friday. S.
Martine Minerals Administration estimated about 63% of the daily oil production and around 57% of natural gas production has been shut in. 61% of the 371 manned platforms in the Gulf of Mexico. After the storm has passed, facilities will be inspected and production from undamaged facilities will be brought back online immediately following standard checks. However, facilities sustaining damage may take longer to bring back online.
, -- are at risk of being impacted, Andy Lipow, president of Lipow Oil Associates, said Friday. Representatives of both Chevron and Vertex did not respond to questions at the time of publication. The biggest risks to the operations of oil refineries include a loss of electricity and flooding. According to Lipow, there may be some slight delays in delivering gasoline and diesel to parts of Florida including the Florida Panhandle, Tampa-St.
Petersburg and into Orlando. This is because tankers crossing the Gulf need to wait for Isaias to pass. "The price impact on gasoline and diesel is probably only 2 or 3 cents, but that is masked by events happening in the Middle East and Russia impacting the oil market," Lipow said. This content was created by Oil Price Information Service, which is operated by Dow Jones & Co.
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