Oil and gas producers cut US Gulf of Mexico output ahead of storm

Source: msn/Reuters

1h


Reuters) -Oil and gas producers began shutting in U.S. Gulf of Mexico output and pulling workers off platforms on Tuesday ahead of a late hurricane season storm threatening offshore fields.

The U.S. National Hurricane Center warned of steady to rapid intensification over the next 24 to 36 hours, with Tropical Storm Rafael forecast to became a Category 1 hurricane by early Wednesday.

Producers could lose between 3.1 million and 4.9 million barrels of oil and 4.56 billion to 6.39 billion cubic feet of natural gas, researchers predicted. U.S. oil futures rose about 1% on Tuesday to $72.10 per barrel on storm concerns.

Chevron, which operates Gulf of Mexico production platforms Anchor, Blind Faith, Jack/St. Malo, Tahiti, Petronius, and Big Foot, said it was halting offshore production and evacuating personnel.

Read more: https://www.msn.com/en-us/money/markets/oil-and-gas-producers-cut-us-gulf-of-mexico-output-ahead-of-storm/ar-AA1tzbj6