Nat Gas News – August 31, 2017

Nat Gas News – August 31 2017

U.S. Gulf Coast Energy Infrastructure Shut Due to Harvey

US News and World reports: The U.S. National Hurricane Center said Harvey came ashore just west of Cameron, Louisiana, and was expected to weaken to a tropical depression by Wednesday evening. Numerous refineries, terminals, drilling platforms and other infrastructure have shut. At least 4.2 million bpd of refining capacity was offline, or more than 22 percent of total U.S. capacity, based on company reports and Reuters estimates. The Gulf is home to nearly half of U.S. refining capacity. Valero Energy Corp’s 335,000-barrel-per-day (bpd) Port Arthur, Texas, refinery was shut on Wednesday morning, according to sources familiar with plant operations. Total SA’s 225,500-bpd Port Arthur, Texas, refinery was shut by an early-Wednesday power outage, Gulf Coast market sources said. As of Tuesday afternoon, more than 18 percent, or 319,523 bpd, of current oil production in the Gulf of Mexico was shut versus about 19 percent a day earlier, the U.S. Department of the Interior’s Bureau of Safety and Environmental Enforcement said. For more visit usnews.com or click the following link http://bit.ly/2x6rYlV

Hurricane Harvey Could Push Up Natural Gas Prices This Winter

The Denver Post reports: Hurricane Harvey, already driving up gasoline prices in most states, has the potential to circle back and hit consumers with higher home heating costs this winter. It all depend on how long oil and gas production along the Gulf Coast remains out of commission, and to what degree natural gas stockpiles deplete ahead of the peak winter heating season. Futures markets for natural gas on Friday were initially sanguine about the storm. Prices actually dropped on reduced natural gas demand due to widespread power outages. For more on this story on this story visit denverpost.com or click the following link http://dpo.st/2grUJTK

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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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