Oil Up on Worries of Output Shut by Ivan
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World oil prices rose on Thursday on  worries about oil production shut by Hurricane Ivan and a new  storm that could delay imports from entering 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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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 jumped above $51 a barrel yesterday, setting a fresh record amid a prolonged production shut-down in the Gulf of Mexico in the wake of Hurricane Ivan.
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Oil prices were little changed on  Thursday as downside pressure from swelling international  supplies was balanced by concern that Hurricane Ivan could hit  offshore energy production in the Gulf of Mexico after tearing  through the Caribbean.
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Crude oil rose on Monday in New York as market concerned that the approach of Hurricane Ivan woulddisrupt production and tankers shipments in the Gulf of Mexico.
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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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Oil prices rose in early trading Wednesday after the government reported that supplies shrank more than expected following production and shipping disruptions caused by Hurricane Ivan.
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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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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 US ports.
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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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Oil prices rose Monday as a gas leak  closed a large Norwegian North Sea oil field and the threat of  a colder-than-normal U.S. winter fueled worries about low  heating oil stocks.
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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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New York - Oil prices rose sharply Wednesday following the release of a US government report that said crude supplies fell by more than expected last week due to disruptions caused by 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.
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World crude prices rise amid fears that oil supplies from the Gulf of Mexico could be disrupted by Hurricane Ivan, and as saboteurs strike a pipeline in Iraq.
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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.