By Marianna Parraga
HOUSTON (Reuters) – The U.S Coast Guard on Wednesday suspended operations at the offshore energy services hub Port Fourchon, Louisiana, as hurricane Francine bore down on the coast, according to a shipping advisory.
The temporary closure of Port Fourchon, home to marine and equipment suppliers to offshore oil producers, follows the suspension of marine traffic at the deepwater Louisiana Offshore Oil Port (LOOP), and the commercial ports of New Orleans, Cameron and Lake Charles on Tuesday, all essential to oil, LNG and agriculture exports.
About a quarter of all oil and natural gas production in the U.S. Gulf of Mexico was offline on Tuesday, according to offshore regulator Bureau of Safety and Environmental Enforcement. A total of 130 production platforms and two rigs had been evacuated.
Francine was moving northeast on Wednesday with maximum sustained winds of 90 miles per hour (150 kph), the U.S. National Hurricane Center said. A faster motion is expected later in the day as it makes landfall in Louisiana. Its center is expected to move across Mississippi on Thursday.
Francine is expected to bring heavy rainfall and the risk of considerable flooding across southeastern Louisiana, Mississippi, far southern Alabama and northern Florida.
Oil refiners and fuel distributors along the Louisiana coast have been preparing to weather the storm.
As the hurricane moved north along from Texas coast on Wednesday, some ports including Brownsville near the Mexico-U.S. border began post-storm assessments in preparation for reopening, the Coast Guard said.
Oil and natural gas futures were higher on Wednesday, reflecting a decline in U.S. oil inventories and worries about supply disruptions from the storm. The Gulf of Mexico accounts for about 15% of all domestic oil production and 2% of natural gas output, according to federal data.
This post is originally published on INVESTING.
