Crude oil regains strength, thanks to Ivan
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CALGARY - Oil prices rose to their second-highest closing price on record yesterday, a final gift from Hurricane Ivan, which ravaged the US Gulf Coast last week, cutting oil imports south of the border and destroying key production facilities.
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LONDON - Oil&#39;s record-breaking rally lifted US crude beyond $52 a barrel this week, fueled by the impact of Hurricane Ivan on US winter inventories.
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TORONTO - World crude prices eased Thursday after hurricane Ivan passed over the US Gulf Coast&#39;s oil refineries and drilling platforms without causing serious damage.
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Oil prices jumped anew Monday as Hurricane Ivan continued to ravage the Caribbean and forced the evacuation of some oil workers in the Gulf of Mexico.
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Hurricane Ivan spared the critical Gulf Coast refining belt, but oil prices rose anyway Thursday on fears a new storm brewing in the Caribbean will delay tankers carrying imported crude to U.S. ports.Ivan swept east of major refineries, tank farms and other facilities in Louisiana and Texas. It also bypassed the biggest concentrations of offshore oil and gas production platforms in the Gulf of Mexico.ChevronTexaco's Pascagoula, Miss., refinery was the closest to the hurricane's path and remained closed Thursday. "The preliminary (damage) assessment is somewhat positive," said spokesman Steve Renfroe, who said the company had not determined when it could restart the plant.But on Ivan's heels Tropical Storm Jeanne knocked out a portion of production at a refinery in the U.S. Virgin Islands and barreled toward Puerto Rico.As a result, oil for October delivery rose 30 cents to &#36;43.88 a barrel on the New York Mercantile Exchange.Energy companies feared Ivan would make landfall in Louisiana or Texas and damage refineries there. The Gulf Coast accounts for nearly half of U.S. daily refining capacity of 16 million barrels. U.S. refiners are running near capacity to build stocks of winter heating fuels."The industry dodged a bullet in that the storm was really a couple of hundred miles east of refinery row (north of New Orleans) up the Mississippi River," said Jeff Dietert, refining industry analyst at Simmons &amp; Co. He said precautionary closures eliminated about 1.5 million barrels of gasoline and other products from the daily total.One of the nation's most important pipelines, the Capline carrying imported crude from New Orleans to Patoka, Ill., for Midwest refiners, was undamaged, said Shell, operator of the line.Still, Dietert predicted higher futures prices for oil and gasoline - and ultimately for consumers - after the government reports data on fuel stockpiles next week. That report will show how much oil companies and their customers have drawn from crude and gasoline inventories to make up for deliveries delayed by Ivan and Jeanne.Colm McDermott, analyst at energy research firm John S. Herold, said consumers might escape without much pain. If the impact of the refinery closures and delivery delays is short-lived, wholesalers, retailers and others in the supply chain might eat price increases rather than pass them on.Reuters reported that Ivan forced the shutdown of eight refineries, or 13% of U.S. capacity. Half of those were restarting Thursday.Offshore, Shell and other producers were flying work crews back out to some evacuated oil and gas platforms and doing aerial damage assessment of others.Shell said its refining and chemical plants in Louisiana had restarted or were never shut down. A Mobile, Ala., chemical plant remained closed, it said.
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US oil prices have surged above $48 per barrel as production and shipping disruptions caused by Hurricane Ivan cause domestic supplies to shrink more than expected.
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World oil prices climbed on Monday as  companies operating in the U.S. Gulf of Mexico braced for  output disruptions from powerful Hurricane Ivan.
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Oil prices bounded higher for the fourth day in a row Tuesday, with traders expecting further declines in the nation&#39;s supply as petroleum producers disrupted by Hurricane Ivan continue to regroup.
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Crude futures prices surged above $48 per barrel yesterday as oil production and shipping disruptions caused by Hurricane Ivan caused domestic supplies to shrink more than expected.
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World oil prices rose on Thursday as  Hurricane Ivan reached the U.S. Gulf Coast, having shut more  than 1 million barrels of daily output in the Gulf of Mexico  and 13 percent of refining capacity in the United States.
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As oil and natural gas producers  recover from Hurricane Ivan, energy companies and weather  forecasters were carefully watching on Tuesday a remnant of  last week's storm for signs of strengthening as it crosses the  Gulf of Mexico.
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Crude oil prices rose for a third day in four yesterday amid concern about the loss of production and possible damage from Hurricane Ivan, which passed just east of Gulf of Mexico production platforms.
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World oil prices rose on Thursday as  Hurricane Ivan slammed into the U.S. Gulf Coast, where over a  quarter of the country's oil and gas is produced.
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Oil prices rose on Wednesday as Hurricane Ivan -- one of the fiercest storms on record -- churned toward the southeastern United States, while the dollar struggled with worrying economic data.
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Crude futures surged above $52 a barrel yesterday as a possible strike by Nigerian oil workers loomed and petroleum output in the Gulf of Mexico continued to suffer more than two weeks after Hurricane Ivan whipped through the region.
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Industry analyst Trilby Lundberg says the drop comes thanks to an increase in crude oil supplies combined with the recovery of US offshore oil production after Hurricane Ivan.
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Crude oil surged to a four-week high, bringing the gain this week to almost $3 a barrel, on concern that shutdowns caused by Hurricane Ivan would further reduce inventories.