climbed 2.3% on Tuesday on the hurricane-related oil production and refinery shut-ins despite demand losses from the COVID-19 pandemic.
The nation’s sole offshore terminal, the Louisiana Offshore Oil Port , stopped loading tankers on Sunday, while ports from Biloxi, Mississippi, to Pensacola, Florida, were closed. Ports along the Mississippi River began to reopen late Tuesday with restrictions. The closings will cut roughly 307,000 bpd of crude and 411,000 bpd of refined products, according to Kpler data.
As of 4 p.m. CDT on Tuesday, Sally was about 85 miles south of Mobile, Alabama, and crawling toward the northwest at 2 mph . The crawling advance threatened to inundate the region.shut its Alliance oil refinery, which processes 255,600 bpd at a site along the Mississippi River on the coast of Louisiana.
Shell cut production to minimum rates on Monday at its 227,400-bpd Norco, Louisiana, refinery, but planned to keep a Mobile, Alabama, chemical and refinery plant operating with a skeleton crew.said it was beginning to restore production at its eastern-most Gulf of Mexico oil platforms, and oil-giant Equinor said it expected to return workers to its Titan platform on Thursday.
Reporting by Erwin Seba, Gary McWilliams in Houston and Devika Krishna Kumar in New York; Editing by Marguerita Choy, Jason Neely and Tom Brown
Well damn
My money is on the POTUS being ona golf course right now.
And yet the impact on petroleum futures is nonexistent