- Oil hits peaks for more than three weeks before declining
- Approximately 1.7 million bpd Gulf output offline
- The Gulf supplies 20 percent of the U.S. oil
TOKYO, Aug. 30 (Reuters) – A typhoon in the Gulf of Mexico has forced hundreds of overseas stations to close and release hundreds of tons of oil, the oil price has risen sharply for more than three weeks.
US oil prices have risen by more than 3% as a result of power outages along the Gulf Coast.
Brent traded up $ 272.97 per barrel, or 0.4%, at 0337 GMT. Expectations from Ida to petrol increased by more than 11% last week.
U.S. oil turned negative and jumped more than 10% last week to $ 68.68 a barrel.
As the Gulf Navy sank off the coast of Port Forton, Louisiana, the center of energy industry, the initial gains reached unprecedented levels since early August, at $ 73.69 and $ 69.64. Read more
“The full impact of hurricanes is yet to come,” said Vivek Dard, a commodity analyst at Commonwealth Bank of Australia.
“Oil products, such as petroleum and diesel, are more likely to see significant increases in prices if there are problems with refineries and pipelines, especially if there are problems with piping,” he said.
Sources told Reuters that PBF.N had shut down 190,000 barrels (BDD) per day of electricity in Chalmete, Louisiana.
As the storm approaches, the Marathon Petroleum Corporation (MPC.N) closed its 578,000 BPD in Garville, Louisiana.
Colonial Pipeline, the largest operator of the United States Petroleum Products Pipeline Operator, will temporarily cut off oil supplies from Houston to Greensbrough, North Carolina.
Hit the product
In terms of production, as Ida moves toward drilling equipment and other infrastructure, power companies stopped producing more than 95% crude oil, or 1.74 million BPD, in the Gulf of Mexico on Sunday. . Read more
The Gulf supplies about 17% of the country’s oil.
Oil and gas companies have evacuated about 300 coastal facilities and rescued more than 10 drilling rigs, the coastguard said.
The port of Louisiana, the largest private property in the United States, stopped operating before the hurricane.
LOP is the only U.S. terminal capable of unloading superintendents connected to half of the U.S. refining capacity, handling 10% to 15% of U.S. domestic oil and 10% to 15% of oil revenues, according to the Port Fortune website. Read more
On Sunday, in 1655, GMT crashed into a beach near Port Forcho, just before the National Hurricane Center began to weaken.
Those who could not or did not escape were forced to support the toughest test of the Liver Survival in nearby New Orleans following Hurricane Katrina a decade ago.
According to InterN Louisiana, all of New Orleans’s “destructive transmission damage” has been lost.
“This is one of the strongest hurricanes of our time,” Louisiana Governor John Bell Edwards told reporters before coming to the beach.
Reported by Aaron ld Ledrick; Correction by Himani Sarkar
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