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Tags: Gustav
Channel: Travel & Events
Uploaded: December 31, 1969 at 6:59 pm
Author: grandcentralterminal
Length: 01:26
Rating: 4.20
Views: 5262
Cat 3 now, water is very warm which makes for stronger cane. Causing oil to rise. Light, sweet crude for October delivery settled $1.16, or 1%, higher at $116.27 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled at $114.63 a barrel, up 60 cents. After strengthening from tropical storm status overnight, Hurricane Gustav made landfall on Haiti Tuesday, the National Hurricane Center reported, with maximum sustained winds near 90 mph. Traders pondered whether it could eventually strike the U.S. Gulf Coast, home to 40% of U.S. refining capacity and a quarter of the nation's crude production. "We're going to see the market ebb and flow and see the expansion and contraction of the storm premium this week until we get a clearer idea of the path of this storm," said Jim Ritterbusch, president of Ritterbusch and Associates, an energy trading advisory firm. The hurricane center warned the storm could reach the Gulf of Mexico by 8 a.m. Sunday. Royal Dutch Shell PLC (RDSA) said personnel evacuations from the Gulf could start as early as Wednesday as Gustav heads northwest through the Caribbean Sea. Shell reported no impact on production. Adding support to crude futures was Russia's recognition of the breakaway Georgian provinces of South Ossetia and Abkhazia as independent states, a move that prompted protests among Western leaders. Russia is the world's second-largest exporter of crude oil. "The strength in crude today was precipitated primarily by Gustav, and secondarily on Russian geopolitical concerns," said Kyle Cooper, director of research at IAF Advisors in Houston. Cooper said new private forecasts indicated Hurricane Gustav now appears more likely to miss the U.S.'s coastal energy installations, helping damp an earlier rally that took Nymex crude prices to $117.89 a barrel. Oil remains pressured as triple-digit prices weigh on demand. The Energy Information Administration reported revised data Tuesday showing that U.S. oil demand in June was 5.6% lower than a year before. At 1.17 million barrels a day, that's the weakest June consumption since 1998. A unit of MasterCard Inc. (MA) reported that last week U.S. gasoline demand measured by purchases at the pump rose 1.3%, to 9.579 million barrels a day, but it was down 2.9% from a year ago. Traders' focus is likely to shift to weekly EIA oil inventory data due at 10:35 a.m. EDT Wednesday. Analysts surveyed by Dow Jones Newswires on average predict crude stockpiles rose by 1.0 million barrels the week ended Aug. 22, while gasoline stockpiles fell 2.5 million barrels and stocks of distillates, which include heating oil and diesel, rose by 600,000 barrels. The rate of refinery use is seen rising 0.1 percentage point to 85.8% of capacity. Front-month September reformulated gasoline blendstock, or RBOB, rose 8.74 cents, or 3%, to settle at $2.9697 a gallon. September heating oil climbed 5.85 cents, or 1.9%, to $3.2099 a gallon.LE 1100 DU SOIR LA POSITION D'EDT. ..23.1 N. N. ..83.8 W. LE MOUVEMENT VERS. ..NORTHWEST PRES DE 15 MILES A L'HEURE. LE MAXIMUM A SOUTENU DES VENTS...140 MILES A L'HEURE. LA PRESSION CENTRALE MINIMUM. ..948 mégaoctet. |
