Articles Tagged "storm"

Benchmark: Troubled waters

Another rough day for investors this Monday. As it became clear that the American House of Representatives would reject the authorization law for the executive’s $700 billion financial sector bailout plan, commodities began to tank. Oil futures shed more than $10 of their value during the day, dropping to $96.37 per barrel.

Crude at $113/bbl as Hurricane Gustav weakens

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 [...]

Benchmark: August 29

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.

Oil rises for third day on supply concerns

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 [...]

Oil prices dipped close to $110 per barrel

Crude oil prices dipped near 110 dollars on Tuesday as Tropical Storm Fay avoided oil and gas production facilities in the Gulf of Mexico, reducing worries about supply constraints due to closure of production facilities. Sucden analyst Andrey Kryuchenkov said: Crude prices were lower, extending losses from yesterday (Monday) as fears over a tropical storm in the [...]

Oil jumps as Storm Nears Gulf of Mexico

Crude oil rose for the first time in three days as a storm moved towards Gulf of Mexica, prompting evacuations from rigs and platforms in the Gulf of Mexico. A senior broker at Bache Commodities Ltd. in London said: After oil plumbed new lows at the end of last week, Storm Fay caused a recovery in prices. For [...]