Gulf oil disruptions continue to affect the U.S. energy market after Hurricane Rafael struck the region. More than a quarter of the Gulf of Mexico's oil production, along with 16% of its natural gas output, remains offline. The storm initially made landfall as a major hurricane and caused significant damage to offshore energy infrastructure. The U.S. Bureau of Safety and Environmental Enforcement (BSEE) reports that these Gulf oil disruptions will likely continue for the foreseeable future.
Production Disruptions and Losses
As of Sunday, 482,790 barrels of oil and 310 million cubic feet of natural gas were shut-in due to the storm's impact. This disruption has led to a total loss of 2.07 million barrels of oil and 1.12 billion cubic feet of natural gas since the storm began. The Gulf of Mexico is a crucial hub for U.S. energy production, supplying about 15% of the nation's crude oil and 2% of its dry natural gas.
Evacuations and Platform Shutdowns
Due to the storm’s severity, 37 of the region’s 371 manned production platforms have been evacuated. Additionally, two drilling vessels have moved off their previous locations. Workers have been unable to return, and production at these platforms remains suspended. As a result, the energy sector continues to feel the strain.
Storm Downgrade and Future Path
Although Rafael has been downgraded to a tropical storm, its lingering effects are expected to continue. The National Hurricane Center forecasts that Rafael will drift through the central Gulf before turning south and southwest later this week.
For further insights on related topics, visit our Prex Blogs
Hurricane Rafael causes significant Gulf oil disruptions. Over 25% of U.S. Gulf of Mexico oil and 16% of natural gas
Superior trade execution & trading conditions with the NDD method.
The online FX industry provides a platform for investors worldwide to engage in the buying and selling.
Subscribe to our daily newsletter and get the best forex trading information and markets status updates
Trade within minutes!
日本語
English
Comment (0)