real-time news and commentary for investors
Friday, Oct 4
BP shutting in all Gulf production ahead of tropical storm
- As Gulf coast states prepare for the advance of tropical storm Karen, BP says it is shutting in all of its oil and natural gas production in the deepwater Gulf of Mexico, and Anadarko (APC) says it has removed all workers and shut in all production at its eastern Gulf facilities.
- Last year, BP produced 214K bbl/day from the Gulf, making it the largest producer in the region.
- Shell (RDS.A, RDS.B), Exxon (XOM), Chevron (CVX), Marathon Oil (MRO) and Murphy Oil (MUR) are all removing non-essential workers from their offshore facilities.
- Seven major refineries with a combined capacity of 1.8M bbl/day - ~10% of the U.S. total - are in Karen's path; Phillips 66 (PSX) and Valero (VLO) say they're continuing to monitor the storm's progress.
- Crude oil price gains remain subdued, as WTI +0.2% to $103.50/bbl and Brent +0.1% to $109.07.
- ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL.