Oil Prices Surge as Ivan Threatens Gulf of Mexico
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the sixth strongest hurricane ever recorded in the Atlantic -- was 70 miles south-southeast of the western tip of Cuba around 2 pm on Monday.
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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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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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Crude oil prices surged to a record in New York and London on concern that hurricane damage to production platforms in the Gulf of Mexico will keep supplies from rising enough to meet winter needs.
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The price of oil is on the rise as fears grow that Hurricane Ivan could disrupt oil supplies from the Gulf of Mexico.
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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 prices leaped above $51 a barrel  on Tuesday as a prolonged U.S. production outage following  Hurricane Ivan attracted fresh speculative buying.
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WORLD oil prices rose yesterday as Hurricane Ivan charged towards 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 shot higher on Monday  as companies operating in the Gulf of Mexico braced for output  disruptions from powerful Hurricane Ivan.
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WASHINGTON - Oil prices darted above $51 a barrel Tuesday as output in the Gulf of Mexico remains in shambles more than two weeks after Hurricane Ivan tore through the region.    Even as the advance in crude futures begins to appear unstoppable, with traders saying $55 a barrel seems possible, some analysts are convinced a speculative bubble has formed...
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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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The price of crude oil rose to a record high yesterday even as the Bush administration agreed to tap the nation&#39;s emergency oil stockpile because of supply problems caused by Hurricane Ivan.
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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 prices jumped more than a dollar,  climbing above $48 a barrel on Wednesday after U.S. data showed  the disruption caused by Hurricane Ivan had eaten into fuel  stocks.
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Oil surged above $70 on Monday on news a  cyclone was headed towards the oil-producing Arabian peninsula  with a potential to disrupt shipping and output.
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LONDON: Oil&#39;s record-breaking rally has taken US crude over $US52 a barrel, fuelled by the impact of Hurricane Ivan on US winter inventories.
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Oil prices were hovering close to last weekâs record high today after breaking through the $50 mark again. Production problems in the Gulf of Mexico due to the impact of Hurricane Ivan continued to have