OPEC’s meeting tomorrow will almost certainly result in talk of cutting production, but not much in the way of concerted action. Member nations’ motivations are not synchronized, so consensus is exceedingly unlikely. Iran wants to impose OPEC-wide decreases, but the UAE thinks current levels are appropriate. Although OPEC will not move together on this issue, some countries (notably Saudi Arabia) are likely to retrench significant volumes.
Crude oil prices dropped on Monday as Hurricane Gustav arrived weaker than what forecasters had feared. For more information, click here
The US National Hurricane Centre said that Hurricane Gustav has weakened from Category three storm to a Category two storm. The NHC expects the hurricane to make a landfall in Louisiana and said that the storm would weaken after it moves inland. More than 96% of the gulf of mexico production has shut down. Prices [...]
Oil prices are being pushed upwards by the impending arrival of tropical storm Gustav in the Gulf of Mexico. Gustav is projected to become “the largest hurricane in the Gulf of Mexico since Katrina”. Workers are already being evacuated from oil and gas rigs in the area, which has pushed up NYMEX oil futures past $117.
Crude oil headed for its biggest weekly gain in almost two months as producers evacuated rigs before the arrival of Gustav. Addison Armstrong, director of market research at TFS Energy LLC, said: Prices are higher on the prospect that Hurricane Gustav will strike the heart of the oil and natural gas production region in the [...]
Oil jumped for a third straight session on Wednesday to near $117 a barrel on growing supply concerns over Tropical Storm Gustav. Tetsu Emori, a fund manager at Astmax Co in Tokyo, said: I’m afraid (Gustav) could potentially cause an impact similar to hurricanes Katrina and Rita, although I certainly do not wish such things. For more [...]
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