Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 5-Hurricane's heavy rains to dampen U.S. fuel demand, offshore sites closed

Wed, 16th Sep 2020 14:01

(Adds widespread power outages to cut gasoline sales, updates
oil prices)

By Erwin Seba and Stephanie Kelly

HOUSTON/NEW YORK, Sept 16 (Reuters) - More than a fourth of
U.S. Gulf of Mexico offshore oil and gas production remained
shut by Hurricane Sally, which moved inland early Wednesday,
dumping heavy rains and cutting fuel demand in the U.S.
Southeast.

The storm made landfall near Gulf Shores, Alabama, as a
powerful Category 2 hurricane. Oil prices rose early on
Wednesday, in part on the expectation of a temporary drop in
U.S. production.

Nearly 500,000 barrels per day (bpd) of offshore crude oil
production and 759 million cubic feet per day (mmcfd) of natural
gas output were shut in the U.S. Gulf of Mexico, according to
the U.S. Interior Department. That is roughly a third of the
shut-ins caused by Hurricane Laura, which landed further west in
August.

The storm left 430,000 homes and businesses in Alabama and
Florida without electricity. The outages could reduce fuel sales
in coming days, said Patrick De Haan, head of petroleum analysis
at GasBuddy.

Oil and chemical ports along the Mississippi River were
moving to reopen with restrictions, and oil and gas producers
were preparing to return workers to offshore platforms.

The hurricane was near the Alabama-Florida border and was
heading northeast at 4 miles per hour (7 kph) with sustained
winds of 85 mph (140 kph), the National Hurricane Center said at
9 a.m. CDT (1400 GMT).

The NHC canceled storm surge warnings for the Louisiana
coastline, signaling the removal of a threat to oil refineries
in that state. Phillips 66's 255,600-bpd Alliance,
Louisiana, refinery remains shut and Royal Dutch Shell
cut production to minimum at its 227,400-bpd Norco, Louisiana,
refinery.

There was 1.1 million bpd of U.S. Gulf Coast refining
capacity offline on Tuesday, according to the U.S. Energy
Department, including two plants under repair since Laura and
another halted by weak demand due to the COVID-19 pandemic.

OIL PRICES RISE

Crude benchmarks and U.S. gasoline futures
rose about 4%, despite an unexpected drop in U.S. crude
stockpiles and a larger-than-expected draw in the motor fuel
inventories.

"Even if the weather keeps production shut for a couple of
days, the sheer volume of its size is enough for the market to
breathe a bit," said Rystad Energy senior oil markets analyst
Paola Rodriguez-Masiu in a comment.

The Colonial Pipeline, which brings fuel from refineries to
the U.S. East Coast, was operating normally, its operator said.

The NHC warned Sally could bring "catastrophic and
life-threatening" flooding along portions of the Gulf Coast with
10 to 20 inches (25-50 cm) of rain expected and up to 30 inches
in some spots.

(Reporting by Erwin Seba in Houston and Stephanie Kelly in New
York; editing by Jonathan Oatis and Marguerita Choy)

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

Read more
21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

Read more
15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, part of an ongoing retreat of long-time producers from the ageing basin.

Read more
7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating the firm was "on a roll".

Read more
31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Read more
31 Jan 2022 07:48

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

LONDON MARKET PRE-OPEN: WeBuyAnyCar owner buys into Lookers

Read more
28 Jan 2022 11:25

Shell's renewables boss steps down after less than two years

* Elisabeth Brinton leaves for new role, she says* Shell creates two new renewables leadership roles* Thomas Brostrøm to head renewables generation* Steve Hill to head energy marketingBy Ron BoussoLONDON, Jan 28 (Reuters) - Shell's head of renewable...

Read more
27 Jan 2022 16:14

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
26 Jan 2022 17:02

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

LONDON MARKET CLOSE: FTSE 100 soars ahead of Fed as oil, travel gain

Read more
26 Jan 2022 14:36

China's Sinopec awards fewer cargoes in recent LNG tender

By Chen Aizhu and Marwa RashadSINGAPORE/LONDON, Jan 26 (Reuters) - Unipec, the oil and gas trading arm of China's Sinopec Corp has awarded fewer-than-planned cargoes in a recent tender to sell up to 45 cargoes of liquefied natural gas for 2022 del...

Read more
26 Jan 2022 12:16

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

LONDON MARKET MIDDAY: Markets brace for aggressive US Fed tightening

Read more
26 Jan 2022 09:33

UPDATE 2-Commodity, bank stocks lead FTSE 100 higher; Playtech drops

* Oil and banking shares top gainers* Wizz Air reports Q3 loss, expects improvement in spring* FTSE 100 up 1.3%, FTSE 250 add 1.1% (Updates to market close)By Shashank Nayar and Ambar WarrickJan 26 (Reuters) - London's FTSE 100 rose on Wednesday wit...

Read more
26 Jan 2022 09:12

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

LONDON MARKET OPEN: Fresnillo drops on 2022 production warning

Read more
25 Jan 2022 21:13

UPDATE 1-U.S. awards 13 mln barrel exchange of crude from strategic reserve

(Adds details on sale, background on 50 million barrel SPR plan)WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to ...

Read more
25 Jan 2022 20:10

U.S. awards exchange of 13 mln barrels of crude from strategic reserve

WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to seven companies.The companies are Shell Trading US, 4.2 million ...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.