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Oil rises further on Earl threat to refineries
Source: Agencies |
September 3, 2010, Friday
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US crude oil futures rose further yesterday afternoon after a warning from the US Energy Information Administration that US East Coast oil refineries were threatened by Hurricane Earl.
News that an oil and gas facility owned by Mariner Energy Inc off the coast of Louisiana was on fire yesterday, with the US Coast Guard saying it was working to rescue 13 workers, sparked buying before midday.
Earlier, crude futures bounced back from session lows after data on jobless benefit claims and home sales lifted Wall Street. Prices had fallen in the early going by more than 1 percent to just above US$73 a barrel as traders booked profits from a nearly 3 percent rebound on Wednesday.
Losses were subsequently pared after the government data showed new filings for jobless insurance benefits fell last week while pending sales of previously owned US homes rebounded unexpectedly in July. The upbeat economic data shored up equities.
"These are further signs the economy is not slipping into a recession albeit growth still looks quite slow," Zach Pandl, an economist at Nomura Securities International in New York.
Later, crude futures prices rose further after the EIA said that 1.1 million barrels per day or 7 percent of the nation's total refining capacity was in jeopardy because of Hurricane Earl.
By 1:05 pm EDT, US crude for October delivery was up 53 cents at US$74.44 a barrel.
ICE Brent gained 29 cents at US$76.64, with its premium to US crude remaining elevated because of bloated US inventories.
"Crude futures prices today mirror movements on Wall Street and the dollar, much like yesterday's action. Crude futures pulled back earlier on profit-taking after yesterday's sharp gains," said Tom Knight, a trader at Truman Arnold in Texarkana, Texas. In the currency markets, the US dollar was down 0.1 percent against a basket of currencies.
With refineries threatened, US gasoline futures led the energy complex's gainers on the New York Mercantile Exchange. Gasoline for October delivery was up 2.24 cents at US$1.9115 a gallon.
The latest advisory by National Hurricane Center showed the dangerous hurricane was about 300 miles (483 kilometers) south of Cape Hatteras, North Carolina, with winds of 225 kph per hour.
Oil refiners and nuclear power plants along the US, East Coast were monitoring Earl as it made its way up the seaboard.
News that an oil and gas facility owned by Mariner Energy Inc off the coast of Louisiana was on fire yesterday, with the US Coast Guard saying it was working to rescue 13 workers, sparked buying before midday.
Earlier, crude futures bounced back from session lows after data on jobless benefit claims and home sales lifted Wall Street. Prices had fallen in the early going by more than 1 percent to just above US$73 a barrel as traders booked profits from a nearly 3 percent rebound on Wednesday.
Losses were subsequently pared after the government data showed new filings for jobless insurance benefits fell last week while pending sales of previously owned US homes rebounded unexpectedly in July. The upbeat economic data shored up equities.
"These are further signs the economy is not slipping into a recession albeit growth still looks quite slow," Zach Pandl, an economist at Nomura Securities International in New York.
Later, crude futures prices rose further after the EIA said that 1.1 million barrels per day or 7 percent of the nation's total refining capacity was in jeopardy because of Hurricane Earl.
By 1:05 pm EDT, US crude for October delivery was up 53 cents at US$74.44 a barrel.
ICE Brent gained 29 cents at US$76.64, with its premium to US crude remaining elevated because of bloated US inventories.
"Crude futures prices today mirror movements on Wall Street and the dollar, much like yesterday's action. Crude futures pulled back earlier on profit-taking after yesterday's sharp gains," said Tom Knight, a trader at Truman Arnold in Texarkana, Texas. In the currency markets, the US dollar was down 0.1 percent against a basket of currencies.
With refineries threatened, US gasoline futures led the energy complex's gainers on the New York Mercantile Exchange. Gasoline for October delivery was up 2.24 cents at US$1.9115 a gallon.
The latest advisory by National Hurricane Center showed the dangerous hurricane was about 300 miles (483 kilometers) south of Cape Hatteras, North Carolina, with winds of 225 kph per hour.
Oil refiners and nuclear power plants along the US, East Coast were monitoring Earl as it made its way up the seaboard.
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