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crude oil price today
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chandler_ling97
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03-Aug-2006 17:20
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SINGAPORE (Reuters) - Oil moved lower on Thursday as forecasters said Tropical Storm Chris may not become the season's first hurricane on its way toward oil facilities in the Gulf of Mexico and on hopes a Middle East truce could be reached soon. U.S. light crude for September delivery fell 48 cents to $75.33 a barrel by 0810 GMT, shedding half of Wednesday's 90-cent gains, but only $3 away from last month's record high. London ICE Brent crude lost 32 cents to $76.56 a barrel Fears that Chris could grow into a hurricane and threaten U.S. oil rigs in the Gulf of Mexico eased on Thursday. Its top sustained winds slowed to near 55 mph (90 kph) and the system had become disorganized, with its center moving away from its thunderstorm activity, the U.S. National Hurricane Center said. "Currently, we are not anticipating or forecasting Chris to become a hurricane in our last five-day forecast that we issued," said Michelle Mainelli, a hurricane specialist with the center. Tropical storms become hurricanes if such winds reach 74 mph (119 kph). Experts have predicted this year could see another active Atlantic hurricane season with several major storms, though nothing like the record number seen in 2005. "Despite reports that Chris is weakening now, there is still every possibility that it could still remain a threat to oil production," said Tobin Gorey, a commodities strategist with the Commonwealth Bank of Australia. "The hurricanes will remain the main driver for oil prices in the near term. If it's not this one, then it could be the next or the one after that." Hurricanes last year shut in a quarter of U.S. crude and fuel output and sent oil to then-record highs. Around 12 percent of the 1.5 million barrel-per-day (bpd) U.S. oil production in the Gulf of Mexico remained offline. U.S. government data released on Wednesday showed crude oil stocks fell by a higher-than-expected 1.8 million barrels to 333.7 million barrels last week. However, gasoline inventories, which had been expected to fall, were stable, dipping only 100,000 barrels, against expectations of a 1.6-million barrel draw. U.S. gasoline demand in the past four weeks still averaged 1.6 percent above the same period last year. High crude oil prices have had some impact on U.S. economic growth but the pain is not on the level seen during the energy price shocks of the 1970s, U.S. Energy Secretary Sam Bodman said on Wednesday. MIDDLE EAST HOPES In the Middle East, Israel's Prime Minister Ehud Olmert said his country was very close to achieving its goal in Lebanon and the United Nations would likely vote on a truce next week. "From our standpoint, we will cooperate with any reasonable proposal," he was quoted as saying by an Italian newspaper. "The new equation will spell out a completely different balance in the area. Hizbollah will think twice, three times, many times before attacking us, and I think we are very close to that goal." Hizbollah had fired more rockets into Israel on Wednesday than on any other day in a war that has entered its fourth week, which Lebanon said had killed over 900 people, while Israeli jets continued to pound the guerrilla group's Beirut stronghold. Traders fear the conflict could spread to Middle East oil producers, particularly Iran, which supports Hizbollah |
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newmoon
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03-Aug-2006 16:54
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The crude oil price is climbing today $77.27 Hurricane chris could do some damage in the gulf of mexico-the market for oil is very jittery. Bradley siderograph turning point + or - 10 trading days from 23/7/ 06 could still be in time for the downturn in world markets |
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