Hurricane Marco and Tropical Storm Laura force energy companies to pull workers from offshore platforms and shut down output
El Palito refinery which belongs to PDVSA is seen in Puerto Cabello, in the state of Carabobo, March 2, 2016. Picture: REUTERS/Marco Bello
Brent futures slipped 2c, or 0.1%, to $44.33 a barrel by 5.16am, while US West Texas Intermediate crude was down 2c, or 0.1%, to $42.32 a barrel. Both benchmark contracts had risen early on Monday. Producers had shut 58% of the Gulf’s offshore oil output and 45% of natural gas supply on Sunday. The region accounts for 17% of total US oil production and 5% of US natural gas output.
“Oil’s gains, however, are likely to be muted as virus uncertainty continues to weigh on the crude demand outlook.”
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