Diesel Stocks Were Tight Before Hurricane Ida Temporarily Shut Down Refinery Production
Farmers far outside the direct path of Hurricane Ida could face higher diesel prices as they move into harvest, as well as early shipping challenges, depending on the extent of time oil production and Gulf Coast ports are down.
The eye of Ida hit Port Fourchon, Louisiana, on Sunday where a large part of the Gulf of Mexico oil production is based. Ida took offline nearly all of 1.7 million barrels per day (bpd) of Gulf of Mexico oil production, shuttering at least half of the 4.4 million bpd in refining capacity in the region.
The storm also hit LaPlace, Louisiana, the home offices for the Port of South Louisiana, the major export corridor for corn and soybeans, and import route for fertilizer and other ag chemicals as well. Last year, about 1.7 billion bushels (bb) of soybeans and 1.5 bb of corn moved through the port, with roughly one-third to one-half of grain and oilseed shipments coming in the last four months of the year.
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The eye of Ida hit Port Fourchon, Louisiana, on Sunday where a large part of the Gulf of Mexico oil production is based. Ida took offline nearly all of 1.7 million barrels per day (bpd) of Gulf of Mexico oil production, shuttering at least half of the 4.4 million bpd in refining capacity in the region.
The storm also hit LaPlace, Louisiana, the home offices for the Port of South Louisiana, the major export corridor for corn and soybeans, and import route for fertilizer and other ag chemicals as well. Last year, about 1.7 billion bushels (bb) of soybeans and 1.5 bb of corn moved through the port, with roughly one-third to one-half of grain and oilseed shipments coming in the last four months of the year.
Click Here to read more.