🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

Ports restrict navigation, some oil facilities shut as Milton approaches Florida

Published 10/07/2024, 12:55 PM
Updated 10/07/2024, 05:10 PM
© Reuters. A satellite image shows Hurricane Milton intensifying before its expected landfall in Florida, in the Gulf of Mexico October 7, 2024.    CIRA/NOAA/Handout via REUTERS
CVX
-
DUK
-

By Marianna Parraga and Anushree Mukherjee

HOUSTON (Reuters) -At least one oil and gas platform in the U.S. Gulf of Mexico was shut on Monday and Florida ports imposed restrictions on vessel navigation as Hurricane Milton rapidly intensified.

Most energy infrastructure on the U.S. Gulf Coast, including oil and gas production facilities, liquefied natural gas (LNG) plants and refineries, is expected to be out of the storm path, but the closure of terminals could temporarily disrupt exports and imports.

Florida was the sixth largest state exporter of goods last year, according to the Office of the U.S. Trade Representative.

Meteorologists forecast 10 to 15 feet (3.05 to 4.57 meters)of storm surge, 140 miles per hour (mph) wind gusts and say more than 2 feet of rain is possible along the Florida Gulf Coast in the area Milton makes landfall, probably near Tampa.

"Milton is a potentially catastrophic Category-5 hurricane," the U.S. National Hurricane Center (NHC) said on Monday.

Some weakening is anticipated before Milton reaches the west coast of the Florida Peninsula by Wednesday, but it is forecast to remain "an extremely dangerous hurricane through landfall," the NHC added.

President Joe Biden approved an emergency declaration for Florida. The White House urged those in the path of the storm to make immediate preparations.

Electricity provider Duke Energy (NYSE:DUK) said it was mobilizing about 10,000 responders in Florida as it prepared for more than 1 million power outages associated with Milton.

U.S. energy producer Chevron (NYSE:CVX) said on Monday that all staff from its Blind Faith platform in the Gulf were transported and the facility had been shut.

Blind Faith, located 160 miles (257.5 km) southeast of New Orleans, is Chevron's deepest water development in the world. It produces oil from four wells and has two flow lines that route crude and gas to a platform moored in 6,500 feet of water.

Production from Chevron's other operated Gulf of Mexico assets remained at normal levels, it added.

Oil and gas producer Woodside (OTC:WOPEY) Energy said is monitoring weather conditions in the Gulf and plans to deploy a response plan to deal with the storm if required.

The ports of Cedar Key and Sand Key in Florida were shut to vessel traffic, while Key West was preparing to close early on Tuesday, the U.S. Coast Guard said. Navigation restrictions were imposed at almost all remaining ports in Florida, including Miami, Port Everglades, Palm Beach, Tampa, St. Petersburg, Fort Myers, SeaPort Manatee, Panama City, St. Joe, Port Canaveral, Jacksonville and Fernandina.

© Reuters. A satellite image shows Hurricane Milton intensifying before its expected landfall in Florida, in the Gulf of Mexico October 7, 2024.    CIRA/NOAA/Handout via REUTERS

Other ports in Mississippi and Alabama that handle oil and fuel imports and exports, including Pascagoula and Mobile, remained open on Monday, the Coast Guard said.

LNG facilities on the U.S. Gulf Coast are mostly out of the storm path. However, the United States exports marginal volumes of LNG in ISO containers from the ports of Miami and Fort Lauderdale data from the U.S. Energy Department shows.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.