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Port Tampa Bay begins hurricane recovery: Update

  • Market: Fertilizers, Oil products
  • 10/10/24

Adds comments from Florida governor, information on fuel supplies.

Port Tampa Bay, Florida, docks did not sustain significant damage from Hurricane Milton, the port authority said early today, a positive sign for resuming fuel imports into the storm ravaged state.

Some port buildings were damaged and power remains out, according to preliminary assessments, but the port docks appear to have escaped major damage, according to the port authority. Many roads leading to the port remain flooded, but the port's main gates are accessible.

Florida governor Ron DeSantis said Thursday that Port Tampa avoided the worst-case scenario in terms of storm surge and that eastern Florida ports on the opposite side of the state from where Milton made landfall appear largely undamaged.

The state has 1.5mn USG of diesel and about 1.1mn USG of gasoline available to deploy in its emergency response, DeSantis said. Florida's highway patrol continues to escort fuel tankers making deliveries to gas stations and has completed about 130 escorts after some stations ran dry earlier this week as Floridians stocked up on fuel and evacuated coastal regions.

DeSantis said today he expects gas stations to reopen "very quickly, at least that's our hope."

Port Tampa Bay officials are working with the US Army Corps of Engineers, US Coast Guard and others to assess landside and seaside operations. There is no currrent timeline for the port's re-opening.

More than 3mn Floridians are without power today after Hurricane Milton came ashore south of Tampa Bay late last night as a category 3 storm. Utility crews are assessing the damage from high winds, tornadoes and flooding, and starting to restore power.

Nearly half of Florida's supply of petroleum and refined products passes through Port Tampa Bay, the majority via waterborne cargo from the US Gulf coast. Tampa Bay is also the site of major fertilizer operations, including Mosaic's Riverview phosphate plant.

Chevron's Tampa refined products terminal remains closed and damage assessments will begin once crews can safely access the facility, a company spokesperson said just after 11am ET today. The company's terminals in Panama City and Port Everglades are operational.

Fuel terminal operators at Port Tampa Bay such as Citgo, Kinder Morgan, Global Partners and Buckeye Partners told Argus they are currently evaluating their facilities to determine when they can resume operations. Individual port tenants will decide independently when to restart their own activities.


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10/10/24

Florida ports, fuel supplies, begin recovery: Update 2

Florida ports, fuel supplies, begin recovery: Update 2

Updates more port and terminal conditions, adds daily CBOB/ULSD prices. Houston, 10 October (Argus) — Port Tampa Bay, Florida, docks did not sustain significant damage from Hurricane Milton, the port authority said Thursday, a positive sign for resuming fuel imports into the storm ravaged state. Some port buildings were damaged and power remains out, according to preliminary assessments, but the port docks appear to have escaped major damage, according to the port authority. Many roads leading to the port remain flooded, but the port's main gates are accessible. There is no current timeline for the port's re-opening. Damage to Global Partners' Florida fuel terminals is less severe than the company expected, a spokesperson said Thursday afternoon. Global is loading cargoes from its three Port Everglades terminals. Its Tampa terminal is offline and running on generator power due to power outages, but staff are on site working to restore operations. Kinder Morgan is continuing to assess its terminals and pipeline, a spokesperson said Thursday afternoon. Chevron's Tampa refined products terminal remains closed and damage assessments will begin once crews can safely access the facility, a company spokesperson said Thursday morning. The company's terminals in Panama City and Port Everglades are operational. Citgo said it found no major damage at its Tampa terminal after an initial assessment but a more detailed inspection is ongoing as it works to restore operations. Buckeye, which shut Tampa terminals ahead of the hurricane, did not immediately respond to requests for information on the status of its operations. Tampa spared the worst Florida governor Ron DeSantis said Thursday that Port Tampa avoided the worst-case scenario in terms of storm surge and that eastern Florida ports on the opposite side of the state from where Milton made landfall appear largely undamaged. Nearly half of Florida's supply of petroleum and refined products passes through Port Tampa Bay, the majority via waterborne cargo from the US Gulf coast. Tampa Bay is also the site of major fertilizer operations, including Mosaic's Riverview phosphate plant. The state has 1.5mn USG of diesel and about 1.1mn USG of gasoline available to deploy in its emergency response, DeSantis said. Florida's highway patrol continues to escort fuel tankers making deliveries to gas stations and has completed about 130 escorts after some stations ran dry earlier this week as Floridians stocked up on fuel and evacuated coastal regions. DeSantis said he expects gas stations to reopen "very quickly, at least that's our hope." Prices for Florida CBOB delivered at Tampa and Port Everglades rose by 8.51¢/USG to $2.17/USG today while prices for Florida ULSD rose by 7.09¢/USG to $2.39/USG. Cash differentials in the waterborne ULSD markets and gasoline cargo markets were little changed. About 3.4mn Floridians were without power early today after Hurricane Milton came ashore south of Tampa Bay late Wednesday night as a category 3 storm. Utility crews are assessing the damage from high winds, tornadoes and flooding, and starting to restore power. The number of customers without power dipped below 3mn Thursday afternoon. Restrictions were lifted Thursday at a number of Florida ports closed for the storm, the Coast Guard said, while others are expected to open in the next day. By Nathan Risser and Cooper Sukaly Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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News

Port Tampa Bay begins hurricane recovery


10/10/24
News
10/10/24

Port Tampa Bay begins hurricane recovery

Houston, 10 October (Argus) — Port Tampa Bay, Florida, docks did not sustain significant damage from Hurricane Milton, the port authority said early today, a positive sign for resuming fuel imports into the storm ravaged state. Some port buildings were damaged and power remains out, according to preliminary assessments, but the port docks appear to have escaped major damage, according to the port authority. Many roads leading to the port remain flooded, but the port's main gates are accessible. Port Tampa Bay officials are working with the US Army Corps of Engineers, US Coast Guard and others to assess landside and seaside operations. There is no currrent timeline for the port's re-opening. Nearly half of Florida's supply of petroleum and refined products passes through Port Tampa Bay, the majority via waterborne cargo from the US Gulf coast. Tampa Bay is also the site of major fertilizer operations, including Mosaic's Riverview phosphate plant. Chevron's Tampa refined products terminal remains closed and damage assessments will begin once crews can safely access the facility, a company spokesperson said just after 11am ET today. The company's terminals in Panama City and Port Everglades are operational. Fuel terminal operators at Port Tampa Bay such as Citgo, Kinder Morgan, Global Partners and Buckeye Partners told Argus they are currently evaluating their facilities to determine when they can resume operations. Individual port tenants will decide independently when to restart their own activities. By Cooper Sukaly and Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Cop 29 president calls for progress on finance


10/10/24
News
10/10/24

Cop 29 president calls for progress on finance

Edinburgh, 10 October (Argus) — The president-designate of the upcoming UN Cop 29 climate summit, Mukhtar Babayev, has urged parties to progress on a timeframe and an amount for the new climate finance goal to be decided at the conference in Baku next month. At a pre-Cop meeting today, Babayev stressed the need to "take seriously the responsibility for identifying a number over a timeframe and come forward with solutions". "We cannot afford to leave too much to be decided at the summit," he added. Cop parties must agree in November on the new collective quantified goal (NCQG) — building on the current $100bn/yr target that developed countries agreed to deliver to developing countries over 2020-25. But there remains a huge divide to bridge between developed and developing nations ahead of Cop 29 . Developed countries have yet to commit to a number for climate finance, while developing nations have for some time called for a floor of at least $1 trillion/yr. The Cop 29 presidency is seeking to build on "possible convergence on certain elements" to provide a solid foundation to discussions on other parts of the goal, Babayev said. Elements for the formulation of the goal include an amount for the NCGQ, timeframes, scope, sources, as well as accessibility and transparency. Babayev did not provide details on potential convergence, but some common ground was found during technical discussions on elements such as access and transparency. "Qualitative elements of the goal such as transparency and accessibility are also essential to ensuring that the goal is both fair and ambitious," he said. "The substantive framework for the draft negotiation text" on the NCGQ will be released in the next few days, according to Babayev. The NCQG is Cop 29's "top negotiating priority", Babayev said, but he also urged parties to turn pledges made last year for the loss and damage fund — which will support vulnerable countries with the irreversible and unavoidable effects of climate change — into contributions. He said that countries need to "respond to the goal of the UAE consensus [Cop 28 agreement] to transition away from fossil fuels in a just and orderly manner taking into account different national circumstances". There is "no time for us to allow for anyone to try and backpedal on what we have collectively committed to in Dubai," Cop 28 president Sultan al-Jaber said at the meeting today. Cop 28 last year ended with an agreement that included transitioning away from fossil fuels and tripling renewable energy capacity globally by 2030. Al-Jaber said that the next NDCs must be aligned with the Paris agreement and the Cop 28 deal to keep 1.5°C — the Paris accord's most ambitious temperature limit — within reach. NDCs "must be economy-wide, cover all greenhouse gases and seize the opportunity of climate action as a driver for sustainable growth", he said. He recognised the efforts of G7 countries in including references to the Cop 28 agreement in their final communique and that he "was very hopeful that the same would happen at G20" later this year. G7 countries in May committed to phasing out "unabated coal power generation" by 2035 — putting a timeframe on a coal phase-out for the first time. They also pledged "to transition away from fossil fuels" in energy systems in a just, orderly and equitable manner, accelerating actions in this critical decade, to achieve net-zero by 2050 in keeping with the best available science", which is the language used in the Cop 28 text. Heads of states and governments in September adopted a pact that also included this wording ahead of the UN general assembly . By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Hurricane Milton closes in on Florida: Update


09/10/24
News
09/10/24

Hurricane Milton closes in on Florida: Update

New York, 9 October (Argus) — Strong winds and heavy rainfall are lashing Florida's west coast ahead of Hurricane Milton, which is forecast to make landfall late tonight as a major hurricane. The growing risk of life-threatening storm surge and flooding have sparked mass evacuations given Milton's potential to be one of the most destructive hurricanes on record to strike the region. Multiple tornado warnings have also been issued across the Florida peninsula. Milton was located about 100 miles southwest of Tampa at 4pm ET today, packing maximum sustained winds of 125mph, according to the National Hurricane Center. It was moving to the northeast at 17 mph. "On the forecast track, the center of Milton will make landfall along the west-central coast of Florida tonight, cross the Florida peninsula overnight and early Thursday, and move off the east coast of Florida over the western Atlantic Ocean on Thursday," the center said. Milton is expected to remain at hurricane strength as it sweeps over the Florida peninsula, before gradually weakening as it moves back out to sea. Fuel supplies, prices tighten Mandatory evacuations for hundreds of thousands of west coast Florida residents led to a fuel shortages in some areas ahead of the storm. The state waived four statutes regulating fuel sales, storage and distribution to shore up supplies and has been escorting fuel trucks to retail stations that have run dry. Prices for Florida CBOB delivered at Tampa and Port Everglades fell by 0.75¢/USG to $2.08/USG today, down from their highest point since mid-August on Monday at $2.18/USG. Cash differentials were stable in the gasoline cargo markets at Argus Gulf coast Colonial CBOB +10¢/USG. Florida ultra-low sulphur diesel (ULSD) delivered to Port Everglades fell by 2.23¢/USG to $2.30/USG today. Cash differentials were unchanged in the waterborne ULSD cargo markets at Argus Gulf coast Colonial ULSD +12.25¢/USG. Milton's storm surge and destructive winds in the Tampa area have the potential to significantly damage a key import hub from which refined products are sent by pipeline to the Orlando area and distributed by truck throughout the state. If terminals at the port are quick to reopen, blocked roads and flooding could prohibit fuel truck deliveries to gas stations that may not even have power. The offshore oil and natural gas hub in the Gulf of Mexico was largely spared as Milton's track took it well south of most platforms. By Stephen Cunningham, Stephanie Crawford, Cooper Sukaly and Nathan Risser Hurricane Milton projected path Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Florida waives fuel rules ahead of hurricane


09/10/24
News
09/10/24

Florida waives fuel rules ahead of hurricane

Houston, 9 October (Argus) — Florida has waived four statutes regulating the sale, storage and distribution of liquid fuels in an effort to shore up supply as the state prepares for landfall from Hurricane Milton. Florida agriculture commissioner Wilton Simpson signed an emergency order Monday that allows fuel sellers to sell a range of branded and unbranded fuels interchangeably and to blend fuels from multiple suppliers. The rules suspension will extend through 6 December or until rescinded by the commissioner. The measure will "assist with efforts to ensure adequate distribution and supply of fuel", governor Ron DeSantis (R) said Wednesday. The state has been escorting fuel trucks to retail stations that have run dry as drivers fill vehicles ahead of the hurricane, which is expected to make landfall late Wednesday or Thursday morning on the west-central coast of Florida. Because Florida has no refineries, the state must import all its gasoline, diesel and jet fuel by truck and ship, making its fuel supply particularly vulnerable to disruption when when ports and roadways are closed by a storm. An hours-of-service waiver for truck drivers directly assisting with emergency relief efforts in Florida and other Gulf coast and Atlantic coast states has be in place since Hurricane Helene made landfall in Florida late last month. By Nathan Risser Hurricane Milton projected path Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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