• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 10 hours EU has already lost the Trump vs. EU Trade War
  • 2 days Science: Only correct if it fits the popular narrative
  • 3 hours Impeachment S**te
  • 2 days Crazy Stories From Round The World
  • 13 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 17 hours Everything You Need To Know About Trump
  • 10 hours 55.00 WTI
  • 12 hours Water, Trump, and Israel’s National Security
  • 1 day IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Iran Burning: Shock Gas Price Hike Triggers Violent Protests After Subsidy Cuts
  • 10 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 1 hour Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 2 days Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 2 days ‘If it saves a life’: Power cut to 1.5 million Californians
  • 18 hours Last I Checked
Alt Text

36 Dead Following Fuel Protests In Iran

As many as 36 people…

Alt Text

This European Nation Is Planning A Complete Offshore Oil Ban

Under pressure from environmentalists, Ireland…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Storm Gordon Cuts Gulf Of Mexico Oil Production By 160,000 Bpd

A total 48 offshore platforms in the Gulf of Mexico were evacuated because of Hurricane Gordon as of Wednesday, with almost 160,000 bpd of crude oil production shut in along with a little over 266 million cu ft of gas production, the Bureau of Safety and Environmental Enforcement said in its daily update on developments in the area. The data was based on platform operator reports submitted on Tuesday, when Gordon was expected to make landfall.

The shut-in production represents less than one-tenth of GOM’s total daily oil output, and price movements reflected the relative insignificance of the shut-ins, with West Texas Intermediate closing at almost a week’s low yesterday, at US$68.72 a barrel, down 1.7 percent.

“Gordon largely turned out to be a non-event for the energy market, and if anything, the sell-the-news aspect of the tropics trade has triggered a profit-taking pullback across the space,” MarketWatch quoted the co-editor of the Sevens Report, Tyler Richey as saying.

Unlike the 2017 hurricane season that caused serious production outages in the Gulf of Mexico and at Gulf Coast refineries, this year’s hurricanes are thought to be fewer and weaker. Colorado State University recently revised its forecast for the number of named storms this season to 11 from 14, as per a Bloomberg report from July. Related: Are Oil & Gas Executives Paid Based On Luck?

Separately, meteorologists from AccuWeather predicted the formation of an El Nino in August, which will reduce the likelihood of tropical storm formation. AccuWeather expects between 10 and 12 named storms this season, and between 2 and 4 major hurricanes. Colorado State University expects just one storm to develop into a major hurricane.

With 20 percent of U.S. crude production capacity and 45 percent of refining capacity in the Gulf of Mexico, storm forecasts are important for oil traders—bulls and bears alike. Last year storm losses hit US$200 billion, the highest storm bill in history, with three major hurricanes—Harvey, Irma, and Maria—pummeling the Gulf of Mexico.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play