COVID-19: Oil Prices Rise As Another Storm Rocks U.S. Gulf Coast!

Cat:

Related stories

How 2027 Intrigues, Power Play Ousted Ganduje as APC National Chairman

By Abiola Olawale Latest reports emerging on Friday as to...

NAPTIP Declares Speed Darlington Wanted for Rape, Cyberbullying Allegations

By Abiola Olawale The National Agency for the Prohibition of...

NNPCL Raises Alarm, Says Saboteurs Plot to Derail Corruption-Free Overhaul

By Abiola Olawale The Nigerian National Petroleum Company Limited (NNPC...

Kenyan High Court Condemns Nnamdi Kanu’s Extradition to Nigeria as Unlawful

Awards ₦120 Million in Damages By Abiola Olawale A Kenyan...

*By Julianne Geiger

Nearly half of all oil production on the U.S. Gulf Coast has been shut-in ahead of Tropical Storm Zeta, the Bureau of Safety and Environmental Enforcement (BSEE) said on Tuesday afternoon. And the oil markets are cheering.

In the latest update on the multitude of storms making their way through the Gulf Coast this year, disrupting U.S. oil production, the BSEE reports that 154 platforms in the Gulf have been evacuated—a figure that represents nearly a quarter of the 643 manned platforms residing in the Gulf.

Crude oil prices responded favorably to the latest disruption to U.S. oil production.  WTI was trading up 2.39% by 4:oo p.m. EDT, to reach $39.48.

The amount of oil production shut-in as of Tuesday afternoon equates to nearly a million barrels per day. For natural gas, more than 55 percent of all gas had been shut-in, or 1500 MMCFD.

For the day prior, only 16% of all oil production on the U.S. Gulf Coast had been shut-in.

Hurricane Zeta will be the 11th hurricane this season to hit the Gulf. It hit Mexico on Monday night, and is expected to hit the U.S. coast by Wednesday, with warnings issued from Louisiana to Florida. Oil companies are preemptively evacuating platforms.

By Tuesday, Enbridge, BP, Shell, Chevron, Equinor, had experienced disruptions to their operations. Oil prices have been essentially rangebound for months as the market eyes an uncertain future for oil demand, and any disruptions to production—particularly in the visible U.S. market—are likely to provide at least a temporary boost.

In the other direction, a ramp-up in Libyan oil production is pressuring prices, with the market skittish about

NB: This report by  Julianne Geiger was culled from  Oilprice.com

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
How 2027 Intrigues, Power Play Ousted Ganduje as APC National ChairmanExclusive! Nigerians, International bodies Demand Justice as Ogun State Govt Stalls Estate Development, 9 Years after Payments for landNAPTIP Declares Speed Darlington Wanted for Rape, Cyberbullying AllegationsNNPCL Raises Alarm, Says Saboteurs Plot to Derail Corruption-Free OverhaulKenyan High Court Condemns Nnamdi Kanu’s Extradition to Nigeria as UnlawfulJust In! High Stake Intrigues as Ganduje Resigns as APC National ChairmanOil Prices Set For Weekly Loss as War Premium EvaporatesList of Top 10 Most Advanced Countries in the WorldWhy African Countries Depend On Foreign Handouts, Aids -- ObasanjoRivers Crisis: How Tinubu Brokered Peace Between Fubara, Pro-Wike LawmakersRivers Crisis: How We Resolved Our Rift With Fubara -- Wike RevealsEnergy Projects: Proton Energy Secures Major Funding Deal with AfreximbankFubara vs. Wike: Shehu Sani Expresses Doubt About Resolution, Says Fubara's Loyalists Won't Be HappyPrince Ademola Adeniji-Adele: The Forgotten Hero of June 12 China Launches Phase 2 Deep-Sea Gas Field Adding
X whatsapp