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Wednesday, November 09, 2005

Oil Industry Hurricane Update from Platts

Wondering how the energy and refining industry is recovering from the recent spate of hurricanes? Platts puts out an daily Update.

So does the Energy Information Administration here.

And there is this "Short-Term Energy Outlook":
Hurricanes Katrina and Rita damaged, set adrift, or sunk 192 oil and natural gas drilling rigs and producing platforms, the most significant blow to the U.S. petroleum and natural gas industries in recent memory.
At the beginning of November almost 53 percent of normal daily Federal Gulf of Mexico oil production and 47 percent of Federal Gulf of Mexico natural gas production remains shut in. Moreover, in Louisiana 1.0 billion cubic feet (bcf) per day of onshore natural gas production remains offline and 0.8 million barrels per day (bbl/d) of crude oil refining capacity remains shut down. Some wells were temporarily shut in as a precaution to Hurricane Wilma. While no damage was reported from that storm, hurricane recovery remains a key factor in this Outlook. Indeed, recent information on damaged and destroyed platforms and shut-in production suggests that the recovery path will be slower than predicted in the October Outlook...

...Total U.S. refinery output this year is projected to decline by about 0.3 percent compared with 2004 because of hurricane outages. A relatively warm October and an increase in product imports are helping to keep total product inventories at levels close to the average of the last few years. However, inventories of gasoline, distillate fuel, and jet fuel are significantly below normal levels and our projections are for a slow recovery from now through early summer

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