Price of oil rose when Hurricane Barry passed through the Gulf of Mexico caused almost all US oil and gas production there to shut down as a precaution. As that has been coming back online, the price has been going back down.
https://www.cnbc.com/2019/07/15/hurr...o-restart.html
More at link.Oil and gas producers in the Gulf of Mexico restart after Barry
U.S. oil companies on Monday began restoring some of the more than nearly 74% production shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry, the U.S. offshore drilling regulator said.
There was 1.3 million barrels per day (bpd) of oil production off line in the U.S.-regulated areas of the Gulf of Mexico on Monday, about 80,000 barrels less than on Sunday, according to the U.S. Bureau of Safety and Environmental Enforcement (BSEE).
Workers also were returning to the more than 280 production platforms that had been evacuated. It can take several days for full production to be resumed after a storm leaves the Gulf of Mexico.
https://www.marketwatch.com/story/oi...ort-2019-07-15
Oil prices end lower after last week’s gains as Gulf storm threat passes
Oil futures settled lower Monday, giving back a portion of last week’s sizable gains, as production in the Gulf of Mexico began a post-storm recovery.
“Near-term, the trend is still higher, but the combination of formidable technical resistance in the mid $60s [for WTI] and persistent demand concerns due to the trade war will likely prevent prices from making new highs for the year,” said Tyler Richey, co-editor at Sevens Report Research.
Gulf of Mexico oil production had taken a “temporary plunge due to Hurricane Barry,” said Robbie Fraser, senior commodity analyst at Schneider Electric. Barry, however, was downgraded to a tropical depression by Monday.
Oil and natural-gas output in the Gulf was picking up, with about 69% of Gulf oil production and nearly 61% of natural-gas production shut in, according to the Bureau of Safety and Environmental Enforcement Monday. That marked an improvement from Sunday, when almost 73% of oil and 62% of natural-gas output was down.
“The storm will likely skew [Energy Information Administration’s] storage numbers for the next couple reports, as demand, supply, imports, exports, and domestic production will all be [affected] by the slowdown in The Gulf,” wrote Robert Yawger, director of energy at Mizuho USA, in a Monday research note.
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