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Approaching Michael shuts in 30% of Gulf gas, expected to whip prices


Approaching Michael shuts in 30% of Gulf gas, expected to whip prices

Highlights

726 MMcf/d of Gulf of Mexico gas shut in

Storm triggers gas demand destruction

Houston, Oct. 09 2018 — Hurricane Michael was barreling down on the Florida Panhandle Tuesday, shutting down nearly 30% of gas production and 40% of oil output from the offshore Gulf of Mexico. The Category 3 storm also was whipping prices up and down, while threatening to knock out power service and drive down regional gas demand upon making landfall.

The storm's path will take it over a large swath of the Gulf's oil and gas producing region, resulting in the shutting in of 726 MMcf/d of gas, or more than 28% of the Gulf's total gas output, and 670,831 b/d of oil, representing nearly 40% of total Gulf production, the US Bureau of Safety and Environmental Enforcement said Tuesday afternoon.