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Southeast gas production hits YTD low as Barry beats down on Louisiana

  • Hurricane Barry has been downgraded back to a tropical depression as it moves inland, with more than 110K customers experiencing power outages in Louisiana and Mississippi.
  • Entergy's (NYSE:ETR) Louisiana utilities reportedly mobilized 2,900 workers to restore power where it is safe to do so.
  • Some 1.3M bbl/day, or 70%, of oil production and 1.5B cf/day, or 55%, of natural gas output in the Gulf of Mexico is shut-in, with total southeast natural gas production falling to its lowest level of the year, the U.S. Bureau of Safety and Environmental Enforcement said.
  • Phillips 66 (NYSE:PSX) said there are no significant impacts to the  294K bbl/day Alliance Refinery, which the company had shut ahead of the storm.
  • Feedgas demand continues to recover following Friday's deliveries to both Cheniere Energy's (NYSEMKT:LNG) Sabine Pass and Sempra Energy's (NYSE:SRE) Cameron LNG terminals; feedgas deliveries to Sabine Pass rebounded to 3.7B cf/day Saturday after falling to 2.9B on Thursday, and deliveries to Cameron LNG have moved back above 600M cf/day over the past two days after falling to 265M cf/d ayon Thursday.
  • Barry is on course to run directly into the Louisiana portion of the Haynesville Shale, where flooding could lead to a temporary decline in production.
  • ETFs: USO, UNG, OIL, UGAZ, UWT, DGAZ, UCO, DWT, SCO, BNO, BOIL, DBO, DTO, USL, KOLD, UNL, OLO, SZO, OLEM, WTIU, OILK, OILX

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