Oil Firms Above $110 ahead of US Oil Data
By Reuters | 04 Sep 2008 | 05:22 AM ET
Oil rose by more than a dollar on Thursday as a number of U.S. refineries
remained shut because of hurricane disruption and ahead of U.S. government data
excepted to show falls in gasoline stocks.
Hurricane Gustav did not cause much physical damage to oil facilities in the
U.S. Gulf region, the hub of the oil industry in the United States.
But 11 refineries in the U.S. Gulf area, representing just over 11 percent of
the U.S. fuel supply, remained shut as of Wednesday due to a lack of reliable
electricity supplies in the wake of Gustav. More storms were seen under way.
"There are still concerns over supply issues. A lot of the Gulf of Mexico
capacity was shut down and some refineries are still closed. We don't know how
long they'll remain offline," said Gerard Rigby, an analyst at Fuel First
Consulting in Sydney.
RELATED LINKS
Current DateTime: 01:58:14 04 Sep 2008
LinksList Documentid: 26538667
* Should Investors Bail Out of Commodities?
* Oil to Fall Further: Analysts
* Goldman Sticks with $149 Oil Call
* 12 Costliest Hurricanes in US History
* Powering the Planet - Special Report
* More Energy News
Entergy Corp, Louisiana's largest utility, said earlier this week that the
worst damage was in the New Orleans-Baton Rouge area, home to some of the
biggest U.S. plants, including Exxon Mobil's giant Baton Rouge facility.
Entergy said on Wednesday the full recovery of its power grid might be weeks
away, while the company was restoring some power supply.
"The market will be watching for future hurricanes and it is still a risk right
through to the end of this month," said Helen Henton, the head of Commodities
Research at Standard Chartered.
Hurricane Ike strengthened into an extremely dangerous Category 4 hurricane in
the open Atlantic on Wednesday although it posed no immediate threat to land.
Tropical Storm Hanna intensified to a lesser degree as it swirled over the
Bahamas toward the southeast U.S. Coast.
From 'Fast Money':
* Is $100 Oil Next?
Oil traders were closely watching weekly U.S. government oil data due out later
on Thursday.
Analysts in a Reuters poll of forecast a slight 200,000-barrel increase in
crude oil stocks in the week to Aug. 29, when Gustav was approaching the U.S.
Gulf.
The data was expected to show a 1.4 million-barrel drawdown in gasoline stocks
and a 500,000-barrel increase in distillate fuels.
New York RBOB gasoline futures were rising slightly more sharply than crude.
------------------------------------
Kunjungi situs http://www.info-saham.com untuk informasi seputar saham.
DILARANG KERAS MEMOSTING OPINI PRIBADI TENTANG POLITIK DI MILIS INI.
Silahkan lakukan itu di milis [EMAIL PROTECTED]
[EMAIL PROTECTED] untuk berhenti dari milis saham
[EMAIL PROTECTED] untuk bergabung ke milis saham
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/saham/
<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/saham/join
(Yahoo! ID required)
<*> To change settings via email:
mailto:[EMAIL PROTECTED]
mailto:[EMAIL PROTECTED]
<*> To unsubscribe from this group, send an email to:
[EMAIL PROTECTED]
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
