Oil prices rise as storms cut U.S. production
By Laila Kearney NEW YORK (Reuters) - Oil was up on Monday as storms threatening the Gulf of Mexico shut more than half of the region's offshore production, with the more dangerous of the two storms expected to hit later in the week. Brent crude was up 68 cents, or 1.5%, at $45.03 a barrel by 1:43 p.m
By Laila Kearney
NEW YORK (Reuters) - Oil was up on Monday as storms threatening the Gulf of Mexico shut more than half of the region's offshore production, with the more dangerous of the two storms expected to hit later in the week.
Energy companies shut more than 1 million barrels per day (bpd) of offshore crude oil production in the U.S. Gulf of Mexico because of the twin threat from Tropical Storms Marco and Laura. Workers have been evacuated from more than 100 production platforms. Marco reached the coast Monday, and Laura was expected to accelerate to a hurricane and hit by midweek. [nL1N2FQ0UW]
U.S. gasoline futures jumped roughly 7% as refiners idled plants as a precaution.
"If we start flooding some of the oil wells and if the pipelines get shut down then there’s the possibility that we can see a crude spike as well," said Phil Flynn, senior analyst at Price Futures Group in Chicago.
In addition to limiting production, the storms could curtail U.S. exports, Flynn said. Brent's gains outpaced U.S. crude, in the expectation that other countries might be able to boost exports while Gulf facilities are shut.
Motiva Enterprises [MOTIV.UL] began preparations to shut its Port Arthur, Texas, crude refinery, people familiar with plant operations told Reuters. Motiva's plant is the largest refinery in the nation.
Also supporting oil prices was a report by the Financial Times that U.S. President Donald Trump is considering fast-tracking an experimental COVID-19 vaccine being developed by AstraZeneca
(Reporting by Laila Kearney in New York; Additional reporting by Bozorgmehr Sharafedin in London and Jessica Jaganathan in Singapore; Editing by Chris Reese and Leslie Adler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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