Gulf of Mexico oil output falls 92% after Katrina
Gulf of Mexico oil output falls 92% after Katrina - Oil and Gas - Energy - General
Hurricane Katrina cuts more than 1 million barrels of oil
By Jasmina Kelemen, MarketWatch
Last Update: 4:35 PM ET Aug. 29, 2005
SAN FRANCISCO (MarketWatch) -- Hurricane Katrina shut down nearly all of the Gulf of Mexico's oil and natural-gas operations, a federal agency reported Monday.
In its latest report, the U.S. Minerals Management Service said 819 platforms and 137 rigs in the Gulf evacuated their personnel ahead of the hurricane, halting the movement of more than 1.3 million barrels a day of oil production, or 92% of the region's regular output.
Daily natural-gas production dropped by 8.3 billion cubic feet of gas, or 83% of production in the Gulf.
Oil production for the four-day period that ended Monday totaled 3.1 million barrels, which is equivalent to 0.6% of the Gulf's yearly output. Gas production for the same period fell 15.4 bcf, or 0.4% of yearly output.
At one point, Katrina rated a Category 5 storm but was progressively downgraded all the way down to Category 1 after reaching land.
Crude oil topped $70 a barrel, and natural-gas futures soared past $12 per million British thermal units overnight -- both records in New York. See full story.
Crude prices eased off their peak levels to close just over $1 higher, after speculation that President Bush might release oil from the Strategic Petroleum Reserve. Also adding strength were reports that OPEC is considering a hike in production when it meets in September.
Natural-gas prices climbed more than 10% despite the reopening of a key site for natural-gas delivery.
Hurricane Katrina cuts more than 1 million barrels of oil
By Jasmina Kelemen, MarketWatch
Last Update: 4:35 PM ET Aug. 29, 2005
SAN FRANCISCO (MarketWatch) -- Hurricane Katrina shut down nearly all of the Gulf of Mexico's oil and natural-gas operations, a federal agency reported Monday.
In its latest report, the U.S. Minerals Management Service said 819 platforms and 137 rigs in the Gulf evacuated their personnel ahead of the hurricane, halting the movement of more than 1.3 million barrels a day of oil production, or 92% of the region's regular output.
Daily natural-gas production dropped by 8.3 billion cubic feet of gas, or 83% of production in the Gulf.
Oil production for the four-day period that ended Monday totaled 3.1 million barrels, which is equivalent to 0.6% of the Gulf's yearly output. Gas production for the same period fell 15.4 bcf, or 0.4% of yearly output.
At one point, Katrina rated a Category 5 storm but was progressively downgraded all the way down to Category 1 after reaching land.
Crude oil topped $70 a barrel, and natural-gas futures soared past $12 per million British thermal units overnight -- both records in New York. See full story.
Crude prices eased off their peak levels to close just over $1 higher, after speculation that President Bush might release oil from the Strategic Petroleum Reserve. Also adding strength were reports that OPEC is considering a hike in production when it meets in September.
Natural-gas prices climbed more than 10% despite the reopening of a key site for natural-gas delivery.
posted by Marcel at 2:55 PM
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