Oil Shoots Up as Ivan Hits U.S. Shores
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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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Oil&#39;s record-breaking rally lifted US crude beyond $52 a barrel on Wednesday, fueled by the impact of Hurricane Ivan on US winter inventories.
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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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LONDON: Oil prices extended record-setting highs above US$51 for US crude yesterday, led by worries over the impact of Hurricane Ivan on US winter fuel stocks.
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World oil prices shot higher on Monday  as companies operating in the U.S. Gulf of Mexico braced for  output disruptions from powerful Hurricane Ivan.
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Worries that Hurricane Ivan will hurt oil production in the Gulf of Mexico boosted oil prices Tuesday. In mid-morning New York trading, oil for future delivery hit $44.
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Oil prices hit a one month-high today as China showed no let-up in its demand and traders worried that U.S. inventories had drawn down heavily due to Hurricane Ivan.
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Hurricane Ivan killed at least two  people on Wednesday as it began to batter U.S. shores with high  winds and ferocious surf, touching off tornadoes that ripped  through coastal cities.
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World oil prices rose on Tuesday as  Hurricane Ivan charged toward the oil-rich Gulf of Mexico,  where energy companies evacuated thousands of offshore workers  and halted some production.
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World oil prices are on the rise, as Hurricane Ivan threatens to disrupt oil flow in the Gulf of Mexico.
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WASHINGTON - Oil prices rose Thursday despite reports that refineries along the Gulf Coast, as well as production platforms in the Gulf of Mexico, that had been shut down were slowly being restaffed, as Hurricane Ivan proved to be less disruptive than feared.   "We've really not heard of any refineries in that area reporting any problems," and several are already being restarted, said Tom Bentz, a trader at BNP Paribas Futures in New York...
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LONDON : World oil prices sprinted up to new one-month high points as traders showed alarm at a steep fall in US crude oil inventories in the wake of Hurricane Ivan.
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World oil prices rose on Tuesday as  Hurricane Ivan charged toward the oil-rich Gulf of Mexico,  where energy companies had evacuated thousands of offshore  workers and shut some production.
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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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Oil rose to an all-time high of $80.20 on Thursday after Hurricane Humberto forced the closure of some U.S. Gulf refiners and stoked concerns of fuel shortages this winter.
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Hurricane Ivan blew oil prices back above &#36;44 a barrel on Tuesday, fueling fears of disruption to supplies and giving European investors an excuse to take profits from stock markets at 10-week highs.
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Oil prices climbed to within a dollar  of a new record on Wednesday after the U.S. government reported  a big decline in oil stockpiles because of disruptions from  Hurricane Ivan.