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Energy firms shut 58% of Gulf of Mexico oil output due to twin storm threat, U.S. says

Published 08/23/2020, 02:37 PM
Updated 08/23/2020, 09:50 PM
© Reuters. FILE PHOTO: Boat sails near oil platform in the Gulf of Mexico

(Reuters) - Energy firms shut 57.6%, or 1.07 million barrels per day (bpd), of offshore crude oil production in the U.S. Gulf of Mexico because of the twin threat from Hurricane Marco and Tropical Storm Laura, the U.S. government said on Sunday.

Also, 44.6%, or 1,205 million cubic feet per day (mmcfd), of natural gas output was shut ahead of the storms, the federal Bureau of Safety and Environmental Enforcement (BSEE) said.

Workers have been evacuated from 114 production platforms out of the 643 manned platforms in the Gulf of Mexico, BSEE said.

For a graphic on U.S. Gulf storm track as of August 24, 2020:

© Reuters. FILE PHOTO: Boat sails near oil platform in the Gulf of Mexico

https://fingfx.thomsonreuters.com/gfx/ce/xegpboyervq/GulfStormTrackAug24.png

Latest comments

Good for oil stocks
wht will do today with oil, gas n stocks
Gush mext week !
As vaccines get approved, oil stocks pop big. Along with airlines etc..
You mean when, not as...
 maybe get a put option instead and buy on the way down if that's how you think?
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