Reuters LONDON – Hurricane Ida’s extensive and unexpectedly lingering disruption to output in the Gulf of Mexico has been the single most important factor contributing to the surge in oil prices over the last month. Damage to offshore installations has cut cumulative oil production by more than 30 million barrels since late August, according to statistics from the U.S. Bureau
World Oil Shell Offshore Inc., a subsidiary of Royal Dutch Shell plc, has conducted a comprehensive damage assessment of its West Delta-143 (WD-143) offshore facilities from Hurricane Ida that revealed significant structural damage. Shell estimates that its WD-143 “A” platform facilities will be offline for repairs until the end of 2021, and that the facilities on the WD-143 “C” platform
Nasdaq Goldman Sachs said Hurricane Ida had a larger impact on oil production than on refinery demand, causing a net “bullish” impact on U.S. and global storage levels. The investment bank, in a note dated Sept. 9, described the hit to U.S. output as “historically large” and expects almost 40 million barrels of crude production to be lost, with challenges
Nasdaq MOSCOW, Sept 10 – Trading houses are rushing to supply Russian Urals crude to the United States where oil production was hammered by Hurricane Ida in August, three trading sources said on Friday. Ida, one of the most devastating hurricanes for oil companies operating in the U.S. Gulf of Mexico since storms in 2005, led to prolonged halts in
World Oil (Bloomberg) –The U.S. Department of Energy has authorized Exxon Mobil Corp. to receive crude from the Strategic Petroleum Reserve to kickstart the production of fuels while most oil production in the Gulf of Mexico remains shut. The oil company will be getting 1.5 million barrels of DOE-supplied oil for its Baton Rouge refinery, the DOE said. Similar to
World Oil As many industry professionals and the public are aware, there has been considerable confusion and a number of discrepancies in various accounts of what happened to the Noble Globetrotter II drillship, as it tried to evade Hurricane Ida offshore Louisiana and then had to ride out severe weather. There have been conflicting reports about potential damage to the drillship, as
World Oil HOUSTON (Bloomberg) –Port Fourchon, America’s largest base supporting the U.S. Gulf of Mexico offshore oil industry, will take weeks to recover after Hurricane Ida tore through the Louisiana community, leaving a wake of destruction in its path. “How many weeks is a good question,” Chett Chiasson, executive director of the Greater Lafourche Port Commission, said in an interview
CNBC Widespread flooding from Hurricane Ida and power outages on Tuesday slowed efforts by energy companies to assess damages at oil production facilities, ports and refineries. Nearly all of Louisiana lost electrical power on Monday after one of the most powerful hurricanes to hit the region downed transmission lines and flooded communities, leaving more than 1 million customers without power.
World Oil (Bloomberg) –U.S. gasoline futures jumped after Hurricane Ida barreled ashore in Louisiana, disrupting processing facilities. Oil reversed early gains as local rigs may have escaped significant damage and the OPEC+ producers’ cartel is expected on Wednesday to endorse a supply increase. Gasoline for October spiked more than 4% in New York before paring its advance, while West Texas
Nasdaq HOUSTON – Hurricane Ida pummeled U.S. Gulf Coast energy suppliers, knocking out most of the region’s offshore wells, nearly half its motor fuel production and closing energy-export ports. The storm moved into Mississippi on Monday after leaving a trail of destruction in Louisiana and rampaging through U.S. offshore oil and gas fields. Hundreds of oil production platforms were
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