- Hurricane Michael has knocked out 42% of U.S. Gulf of Mexico daily crude oil production and nearly a third of natural gas production, the largest reductions in a year, according to the Bureau of Safety and Environmental Enforcement.
- Companies halted output of nearly 719K bbl/day of oil and 812M cf/day of natural gas by midday, but U.S. crude futures settled 2.4% lower at $73.17/bbl, tracking the weaker U.S. stock market and reflecting the declining importance of Gulf of Mexico production due to growth from onshore shale fields.
- Oil producers including Anadarko (NYSE:APC), BHP Billiton (NYSE:BHP), BP, Chevron (NYSE:CVX) and Exxon (NYSE:XOM) evacuated workers from 89 Gulf production platforms earlier this week.
- Kinder Morgan (NYSE:KMI) says its fuel and natural gas lines serving the Southeast are unaffected; construction at its Elba Island, Ga., liquefied natural gas project has been suspended for now.
- ETFs: USO, UNG, OIL, UGAZ, UWT, DGAZ, UCO, DWT, SCO, BNO, BOIL, DBO, DTO, USL, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, GAZB, USOD, OILD, OILU, USAI
- Now read: Despite Short-Term Risks, BOIL Is Poised For Additional Gains
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