Crude Oil Rises a 3rd Day on Storm Threat in Gulf of Mexico

Not logged in [Log In] [Sign Up] [Points Leaders] [My Profile]

Friday, November 21, 2008 4:04:43 AM

Featured Sponsor

Save 5% on gas Get a 5% rebate on gas purchases with the Discover Card* Click here for more info


Add gas prices to your web site. Click here to find out how!

GasBuddy News Article

Crude Oil Rises a 3rd Day on Storm Threat in Gulf of Mexico Wednesday, August 27, 2008
Bloomberg -- Aug. 27 (Bloomberg) -- Crude Oil rose for a third day on forecasts Tropical Storm Gustav will strengthen as it enters the Gulf of Mexico, home to 26 percent of U.S. production. Gustav is expected to return to hurricane status before reaching Gulf platforms, according to Jim Rouiller, a senior energy meteorologist with Planalytics Inc., a forecaster based in Pennsylvania. U.S. gasoline inventories probably fell a fifth week, dropping 2.45 million barrels, according to a Bloomberg survey before today's Energy Department report. ``The threat of storms like Gustav will prevent oil prices falling further, so we see the market supported above $110 until the end of the hurricane season,'' said Ingrid Angermann, an economist at Dresdner Bank AG in Frankfurt.
Visit Bloomberg for full article

Message Forum - Read Message

Category: Daily News Article Discussions > Topics		Add to favorite topics Post New Topic
Rate this topic: Low 1 - 2 - 3 - 4 - 5 High Avg rating: 0.0 (0 votes)

Author	Topic: Crude Oil Rises a 3rd Day on Storm Threat in Gulf of Mexico	Post a Reply Back to Topics

JT Moderator	Message Posted: 8/27/2008 10:47:03 AM	Ignore JT Report Abuse
	Wednesday, August 27, 2008 Bloomberg -- Aug. 27 (Bloomberg) -- Crude Oil rose for a third day on forecasts Tropical Storm Gustav will strengthen as it enters the Gulf of Mexico, home to 26 percent of U.S. production. Gustav is expected to return to hurricane status before reaching Gulf platforms, according to Jim Rouiller, a senior energy meteorologist with Planalytics Inc., a forecaster based in Pennsylvania. U.S. gasoline inventories probably fell a fifth week, dropping 2.45 million barrels, according to a Bloomberg survey before today's Energy Department report. ``The threat of storms like Gustav will prevent oil prices falling further, so we see the market supported above $110 until the end of the hurricane season,'' said Ingrid Angermann, an economist at Dresdner Bank AG in Frankfurt. Visit Bloomberg for full article

REPLIES (newest first)

First

Next Last

gas101CA All-Star Author California Posts:632 Points:74,855 Joined:Aug 2008	Message Posted: 8/30/2008 9:19:14 PM	Ignore gas101CA Report Abuse
	hurricane cat 5+oil =oil will go up. . we all what trader to say "sell sell sell sell sell"
OHMS Champion Author Orange County Posts:2,561 Points:265,245 Joined:May 2005	Message Posted: 8/30/2008 7:03:12 PM	Ignore OHMS Report Abuse
	oil markets closed on Saturday ?
magnumCA Champion Author Los Angeles Posts:1,340 Points:260,950 Joined:Jan 2008	Message Posted: 8/30/2008 5:04:35 PM	Ignore magnumCA Report Abuse
	Labor day= Pay day
dmatte85 Sophomore Author Louisiana Posts:184 Points:16,200 Joined:Jul 2008	Message Posted: 8/28/2008 10:36:41 PM	Ignore dmatte85 Report Abuse
	yep, just in time for Labor Day. the gas falls and now its going right back up. probably will go back to $4 again.
Chris46 Champion Author Dayton Posts:6,149 Points:714,905 Joined:Sep 2005	Message Posted: 8/28/2008 9:42:58 PM	Ignore Chris46 Report Abuse
	Yep. Just in time for Labor Day
gas101CA All-Star Author California Posts:632 Points:74,855 Joined:Aug 2008	Message Posted: 8/28/2008 8:32:10 PM	Ignore gas101CA Report Abuse
	sdarling you right oil did close today lower [Edited by: gas101CA at 8/28/2008 8:32:21 PM EST]
sdarling Sophomore Author Ohio Posts:152 Points:52,590 Joined:Aug 2008	Message Posted: 8/28/2008 1:14:13 PM	Ignore sdarling Report Abuse
	It's dropping fast $115.28 ?2.87
gr8oakOH All-Star Author Akron Posts:989 Points:257,910 Joined:Nov 2007	Message Posted: 8/28/2008 1:12:17 PM	Ignore gr8oakOH Report Abuse
	you people on these forums continue to bitch about the high prices why dont you do something about them, rather than to sit behind your frickin computers & just complain. back in april, i was always on these forums trying to get people on here to start a boycott of all gas. nothing got done!! it will never get back to where it was in 2006, until we all get together & end this crap. dont sit there & say we cant do it. WE ARE THE PEOPLE OF THE BIGGEST & MOST PROSPEROUS COUNTRY IN ALL THE WORLD. JUST REMEMBER, WE CONTROL THE u.s.A. WE HAVE ALL THE POWER AS ONE ENTIRE NATION. IF WE WANT TO DO SOMETHING, THEN, WE CAN GET IT DONE. the only way to combat this problem with opec & big oil here in the u.s. is to show our strength & stop buying gas for a week. this means do not go to work & shut this whole country down for a week & you will see exactly what i am talking about. if we dont do this, then, we will all lose in the end. then, do not sit here & bitch on this forum about the frickin high gas prices [Edited by: gr8oakOH at 8/28/2008 1:20:10 PM EST]
Blackice Champion Author Twin Cities Posts:1,797 Points:496,535 Joined:Oct 2003	Message Posted: 8/28/2008 12:14:51 PM	Ignore Blackice Report Abuse
	Crude oil is heading...DOWN $1.78 a barrel ($116.37) @ this time. It was over $120.00 a barrel earlier today. [Edited by: Blackice at 8/28/2008 12:15:43 PM EST]
Pede Champion Author New Jersey Posts:1,094 Points:147,230 Joined:Apr 2007	Message Posted: 8/28/2008 11:36:34 AM	Ignore Pede Report Abuse
	What next ?
coke_kid Sophomore Author Chicago Posts:188 Points:93,030 Joined:Nov 2005	Message Posted: 8/28/2008 11:34:50 AM	Ignore coke_kid Report Abuse
	to answer your question " is anyone shocked" no try pissed off!
sailormon All-Star Author Michigan Posts:644 Points:205,105 Joined:Jul 2007	Message Posted: 8/28/2008 11:32:51 AM	Ignore sailormon Report Abuse
	Any reason....
chas_commuter All-Star Author South Carolina Posts:575 Points:128,990 Joined:Mar 2008	Message Posted: 8/28/2008 11:13:54 AM	Ignore chas_commuter Report Abuse
	Is anyone shocked? Drill, drill drill!
ramshot412 Champion Author Riverside Posts:11,938 Points:1,195,960 Joined:Apr 2004	Message Posted: 8/28/2008 11:12:59 AM	Ignore ramshot412 Report Abuse
	What party? I didn't get an invitation.....
Blackice Champion Author Twin Cities Posts:1,797 Points:496,535 Joined:Oct 2003	Message Posted: 8/28/2008 11:11:28 AM	Ignore Blackice Report Abuse
	smarcuss $3.15 a gallon? Is that a typo?
plumb37 Champion Author Quebec Posts:2,356 Points:98,800 Joined:Jun 2008	Message Posted: 8/28/2008 11:10:37 AM	Ignore plumb37 Report Abuse
	What help did you get yasterday?
smarcuss Rookie Author New Jersey Posts:37 Points:11,615 Joined:Aug 2008	Message Posted: 8/28/2008 11:09:57 AM	Ignore smarcuss Report Abuse
	Gas prices still low here. I am getting gas at 3.15 a gallon.
Blackice Champion Author Twin Cities Posts:1,797 Points:496,535 Joined:Oct 2003	Message Posted: 8/28/2008 11:09:18 AM	Ignore Blackice Report Abuse
	Did Gustav change direction? Crude oil prices are down 36 cents at this time. After being up over $1.50 a barrel.
plumb37 Champion Author Quebec Posts:2,356 Points:98,800 Joined:Jun 2008	Message Posted: 8/28/2008 11:09:10 AM	Ignore plumb37 Report Abuse
	Party!! Someone is having a party?
coke_kid Sophomore Author Chicago Posts:188 Points:93,030 Joined:Nov 2005	Message Posted: 8/28/2008 11:08:35 AM	Ignore coke_kid Report Abuse
	This makes me so mad,these people take advantage of us people its sick and yet no one does anything about it..nothing may happen and yet right away they jump to destroy the economy! its already in haveck and yet nothing is done..this has to stop..i need to feed me family and i cant with the prices so f in high..we need help like yesterday...
aalix Champion Author Orange County Posts:14,560 Points:2,532,330 Joined:Aug 2001	Message Posted: 8/28/2008 11:07:40 AM	Ignore aalix Report Abuse
	The storm's spoiling the party.
CallJeffCa Champion Author Oakland Posts:1,331 Points:333,850 Joined:Oct 2007	Message Posted: 8/28/2008 11:06:43 AM	Ignore CallJeffCa Report Abuse
	I think the increase in the dollar vs the euro has helped keep pump prices from reacting to the oil price.
dabuzman Champion Author Seattle Posts:1,177 Points:469,455 Joined:Apr 2006	Message Posted: 8/28/2008 11:06:28 AM	Ignore dabuzman Report Abuse
	Now price can go up because of a storm. How about I have a hang nail let see if it drops. That should work.
plumb37 Champion Author Quebec Posts:2,356 Points:98,800 Joined:Jun 2008	Message Posted: 8/28/2008 11:06:06 AM	Ignore plumb37 Report Abuse
	Here comes Gustav, better gas up, just in case you have to get in the traffic jam on the Evacuation Route.
copperhead8 Champion Author Boston Posts:5,485 Points:1,206,145 Joined:Dec 2004	Message Posted: 8/28/2008 11:06:01 AM	Ignore copperhead8 Report Abuse
	gas prices are still low here
10pennypincher Veteran Author St. Louis Posts:431 Points:222,225 Joined:Jan 2007	Message Posted: 8/28/2008 11:03:26 AM	Ignore 10pennypincher Report Abuse
	"the sky is falling" run up the price!!!
bochilds Champion Author Jackson Posts:3,006 Points:670,215 Joined:Sep 2005	Message Posted: 8/28/2008 11:03:09 AM	Ignore bochilds Report Abuse
	This is getting completely ridiculous. Now we have price fluctuation on if's and possibilities on a storm that COULD disrupt production. It hasn't disrupted anything yet. This should be considered price gouging. Gas went up 18 cents a gallon at a couple of stores near here yesterday. It is also amazing how oil prices can drop and it takes days to weeks to see a change at the pump but let there be even a small increase in oil prices and gas prices increase immediately before the close of trading.
spunky4443 Champion Author Washington Posts:1,156 Points:456,855 Joined:May 2005	Message Posted: 8/28/2008 11:02:40 AM	Ignore spunky4443 Report Abuse
	The Storm "Greed" is about to hit!!!!!!!
357revo Champion Author Pittsburgh Posts:6,779 Points:769,590 Joined:Sep 2006	Message Posted: 8/28/2008 11:01:53 AM	Ignore 357revo Report Abuse
	"...and there there is no way to protect the oil platforms from storms..." Not entirely true. When a storm like Gustav or even Katrina goes through an area with oil rigs, the oil flow is cut off AT THE OCEAN FLOOR, and the crews are evacuated. Even if the oil rig is totally destroyed [as happened to some from Katrina], there is no oil leak. Obviously, the pumping platform is at the mercy of the storm, but they are DESIGNED to withstand considerable wind and sea action before failing. Most times, no permanent damage is done, and they are back pumping as soon as they get the crews back.
coyoteAB All-Star Author Alberta Posts:508 Points:24,830 Joined:Jul 2008	Message Posted: 8/28/2008 11:00:40 AM	Ignore coyoteAB Report Abuse
	Slide ----Gustav----Refinery break down-----Surplus----Inventory drop-----WHAT NEXT---there must be more.
plumb37 Champion Author Quebec Posts:2,356 Points:98,800 Joined:Jun 2008	Message Posted: 8/28/2008 11:00:40 AM	Ignore plumb37 Report Abuse
	Oh no, not a back to back. There is a report that another hurricane is following the path of Gustav, it's name is Hanna. We are all going to die, you hear me, DIE.
Blackice Champion Author Twin Cities Posts:1,797 Points:496,535 Joined:Oct 2003	Message Posted: 8/28/2008 10:59:08 AM	Ignore Blackice Report Abuse
	Workers are leaving the drilling rigs in the gulf right now, so oil production has come to a complete stop. We can just hope that Gustav doesn't hit the oil refineries along the coast of Texas.
Gassaver30 Sophomore Author Austin Posts:108 Points:21,150 Joined:Aug 2008	Message Posted: 8/28/2008 10:57:09 AM	Ignore Gassaver30 Report Abuse
	Whats the next excuse going to be?
napermike79 All-Star Author Twin Cities Posts:604 Points:390,130 Joined:May 2001	Message Posted: 8/28/2008 10:53:40 AM	Ignore napermike79 Report Abuse
	get ready for a big blow
jackson661 Veteran Author Columbus Posts:446 Points:48,450 Joined:May 2006	Message Posted: 8/28/2008 10:53:31 AM	Ignore jackson661 Report Abuse
	Speculation of a storm..Big Oil just stops or lowers production levels all because of a potential threat.
SomeChick23 Sophomore Author Edmonton Posts:197 Points:117,415 Joined:May 2007	Message Posted: 8/28/2008 10:52:37 AM	Ignore SomeChick23 Report Abuse
	this isnt fair. it shouldnt go up just cause there might be a shortage due to a storm.
10k Champion Author North Carolina Posts:5,686 Points:631,300 Joined:May 2006	Message Posted: 8/28/2008 10:52:10 AM	Ignore 10k Report Abuse
	this would be funny if it wasn't such a shame...anybody here remember hurricane camile besides me ??...until andrew or katrina, camile was the measuring stick--in august 1969, hurricane camile destroyed a great deal of the gulf coast--nothing in modern times had ever seen anything like her....and gas did not rise one single penny here in north carolina... hmmmm......seems like we have a sham going on, and guess who pays ???
jakTDI All-Star Author Dallas Posts:625 Points:36,325 Joined:Aug 2008	Message Posted: 8/28/2008 10:52:00 AM	Ignore jakTDI Report Abuse
	it would be funny if one of these storms would hit in time to slow down air traffic for all our congress folks at their conventions, trying to get home. now that airlines have cut back the no. of flites, one weather delay messes up things quite a bit. it won't happen, but one can dream.
GetURWingz All-Star Author Missouri Posts:819 Points:382,715 Joined:Aug 2006	Message Posted: 8/28/2008 10:50:12 AM	Ignore GetURWingz Report Abuse
	Gas went up 15 cents over night here!!!
gasman50 Champion Author Portland Posts:1,315 Points:820,515 Joined:Nov 2005	Message Posted: 8/28/2008 10:48:47 AM	Ignore gasman50 Report Abuse
	I hope it fizzles out before it does dammage
Lizzylou Champion Author Stockton Posts:1,447 Points:883,795 Joined:Oct 2005	Message Posted: 8/28/2008 10:47:37 AM	Ignore Lizzylou Report Abuse
	News reported this AM that it was already at $120!!
USAFA82 Champion Author Colorado Springs Posts:1,521 Points:259,545 Joined:Feb 2008	Message Posted: 8/28/2008 10:47:29 AM	Ignore USAFA82 Report Abuse
	Pickensplan.com
StephenOM Veteran Author Florida Posts:499 Points:95,990 Joined:Aug 2008	Message Posted: 8/28/2008 10:45:45 AM	Ignore StephenOM Report Abuse
	Gustav threatens, a possible Hanna right behind, two more tropical waves moving across the Atlantic that could turn into tropical storms or hurricanes, 25% of domestic production comes out of the Gulf of Mexico from about 3290 producing platforms. That's a lot of production to be concerned about. Loss of it would cause us to increase our import of foreign oil and a spike in prices just like after Katrina and Rita. US oil companies don't control the price of crude, they only own 5% of world production while the largest block (35.6%) of production is controlled by OPEC. Keep up the pressure on Washington...Don't let your representatives get away with doing nothing. Drill Here, Drill Now!
almostrice Champion Author Houston Posts:7,494 Points:1,522,620 Joined:Sep 2003	Message Posted: 8/28/2008 10:45:14 AM	Ignore almostrice Report Abuse
	4 days out and they are still pumping up this news because they know they cant when the market is closed.
rtw777 All-Star Author Florida Posts:929 Points:216,480 Joined:Jan 2008	Message Posted: 8/28/2008 10:44:48 AM	Ignore rtw777 Report Abuse
	Oil has gone up, but gas is still dropping here in Daytona.
SeerLV All-Star Author Las Vegas Posts:537 Points:132,015 Joined:Jun 2008	Message Posted: 8/28/2008 10:44:23 AM	Ignore SeerLV Report Abuse
	Any excuse to raise the price . . .
Don20 Champion Author Oklahoma City Posts:1,525 Points:1,013,770 Joined:Mar 2005	Message Posted: 8/28/2008 10:43:50 AM	Ignore Don20 Report Abuse
	Nervise hysteria.???
gr8oakOH All-Star Author Akron Posts:989 Points:257,910 Joined:Nov 2007	Message Posted: 8/28/2008 10:43:12 AM	Ignore gr8oakOH Report Abuse
	yea. it wont hit anything & the prices will still go up. GREEDY, GREEDY, GREEDY, GREEDY
GoeveH Veteran Author Toronto Posts:453 Points:671,330 Joined:Jan 2002	Message Posted: 8/28/2008 10:42:42 AM	Ignore GoeveH Report Abuse
	Doesn't matter if it hits or not, just the speculation of it possibly hitting will put more money into a few people's pockets.