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Irma moves on Northwest Florida as Hurricane threatens agricultural markets

Irma cuts power to 4.5 Million, shuts ports and imperils crops

By Mark Chediak, Brian K Sullivan, and Megan Durisin

SAN FRANCISCO/BOSTON/CHICAGO
Petroleumworld 09 11
2017

Hurricane Irma has knocked out power to at least 4.5 million customers, paralyzed tanker traffic and shut about 6,000 gasoline stations. As the storm heads up Florida's west coast, it's also threatening more than $1 billion worth of crops.

NextEra Energy Inc. 's Florida Power & Light utility warned Sunday that some customers may go without power for weeks, and parts of its system may need to be rebuilt “from the ground up.” The company took offline one of two reactors at a nuclear plant south of Miami. Ports critical to supplying the state with gasoline and diesel were also closed, and energy companies including Exxon Mobil Corp. and Kinder Morgan Inc. shut fuel terminals and pipelines.

“Fuel deliveries in Florida are virtually nonexistent,” Mansfield Oil , a Georgia-based energy supplier, said in a report. “Markets will take time to fully recover, particularly if Irma damages fueling infrastructure.”

Irma, now a Category 2 storm forecast to rake all of Florida's west coast, threatens to sap natural gas demand by cutting use from power plants, and will weigh on oil and refined products prices by blocking shipments to the nation's third-largest gasoline market. The hurricane may also wreak havoc on Florida's farmlands, menacing $1.2 billion worth of production in the top U.S. grower of fresh tomatoes, oranges, green beans, cucumbers, squash and sugar cane.

Citrus production is the most vulnerable of crops as Irma moves north along Florida's west coast, said Paul Markert, a meteorologist at MDA Weather Services in Gaithersburg, Maryland. About 25 percent of the crop may be lost.

Florida's orange, grapefruit and other citrus trees are full of developing fruit that Irma may blow away. Winds could also destroy the trees themselves in a region that accounts for almost 10 percent of the nation's fruit and vegetable farmland. Orange-juice futures and domestic sugar prices rallied last week as Irma drew closer.

For a look at how Irma has cut natural gas demand, read this story.

Meanwhile, ports and terminals including Miami, Tampa, St. Petersburg, Port Everglades and Jacksonville were closed to traffic. Florida, which depends wholly on pipelines and tankers for fuel supplies, was already facing fuel challenges after Hurricane Harvey knocked offline refining capacity in the Gulf Coast.

Kinder Morgan shut a pipeline system that carries gasoline, ethanol, diesel and jet fuel to land-locked Orlando from Tampa; all of its fuel terminals in Florida; and the Elba Island liquefied natural gas plant in Georgia.

Florida Power & Light said in a press conference broadcast online Sunday that restoring electricity will be “one of the most complex” endeavors the utility's ever faced. The feed to the broadcast itself cut out for several minutes due to a power failure.

“Unfortunately, we are not immune to Irma's wrath," Rob Gould, a spokesman for the utility, said after the feed for the webcast had been restored.

Why We Expect More Havoc From Hurricanes Like Harvey: QuickTake



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