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| Crude Oil Trades Near a Record on Winter Fuel Supply Concern |
| 2004-10-06 |
| Crude oil futures traded near a record after rising above $51 a barrel yesterday on concern Gulf of Mexico producers won't fix hurricane damage fast enough to meet winter demand. The U.S. pumped 27 percent less oil than normal in the Gulf because of damage from Hurricane Ivan three weeks ago, the government said yesterday. Weather forecasters are predicting a colder-than-normal winter in the U.S. Northeast, which uses 80 percent of the nation's heating oil. ``The market was already tight as a drum and then you have four hurricanes in the U.S.,'' said David Thurtell, a commodity strategist at Commonwealth Bank of Australia in Sydney. Crude oil for November delivery traded at $50.99 a barrel at 11:02 a.m. Sydney time, 10 cents lower than yesterday's record close of $51.09 on the New York Mercantile Exchange. The contract rose as high as $51.18 in after-hours electronic trading. -----Snipped------ |
| Posted by:Mark Espinola |
| #2 Crude oil futures traded near a record after rising above $51 a barrel yesterday on concern Gulf of Mexico producers won’t fix hurricane damage fast enough to meet winter demand. Just more proof that people are needlessly bidding up oil prices on fear, or "concerns" of one sort or another that may or may not be valid. Idiots. |
| Posted by: Bomb-a-rama 2004-10-06 11:38:43 PM |
| #1 "Matt Rogers, manager of energy weather services at Earth Satellite Corp., a Rockville, Maryland-based consultant, said he’s expecting 1.5 percent more ``heating degree days’’ this winter compared with the 30-year average." I love it. My weather web sites can't even reliably predict two days ahead, and this guy is so good he's predicting a full season to within 0.1 percent. I guess he's barred from Vegas, Atlantic City, and the Maryland lottery. Wouldn't be fair. |
| Posted by: Tom 2004-10-06 8:44:23 AM |