Related News
Oil sinks on storm-related supply concerns
Source: Agencies |
November 3, 2012, Saturday
|
Online Edition
Online Edition
FOUR days after Superstorm Sandy socked the East Coast, the oil market assessed the landscape and found plenty to worry about.
Oil closed yesterday at its lowest point in almost four months. Two US Northeast refineries with the capacity to refine almost 310,000 barrels of oil a day remained shut. Demand for gasoline and diesel has been curtailed in the storm-stricken Northeast. All that suggests that the nation's ample supply won't be dwindling anytime soon.
Benchmark crude fell US$2.23, or 2.2 percent, to close at US$84.86 per barrel - its lowest level since July 10. It had gained 81 cents over the previous four days.
Philadelphia Energy Solutions says its Philadelphia refinery complex, the largest in the Northeast, has been restarted. Other refineries in the path of the storm are back to normal. But the delivery of fuel throughout the New York area continues to be stifled by the severe damage and power outages left in the wake of the storm.
"Even if there is demand we can't get it where it needs to go," Energy analyst Phil Flynn said.
The concerns overshadowed a better-than-expected report on the labor market in October.
The Labor Department said Thursday that employers added 171,000 jobs last month and that hiring in August and September was better than first reported. That suggests the slow economic recovery remains on track.
Flynn said the stronger jobs numbers also drove the value of the US dollar higher. That tends to make investments like oil and other commodities less attractive.
US stocks turned sharply lower in the afternoon, which may have also influenced some selling of oil futures.
Brent crude, which is used to price international varieties of oil, dropped US$2.49, or 2.3 percent, to US$105.73 a barrel in London.
In other energy futures trading in New York:
- Wholesale gasoline futures dropped 6 cents to US$2.57 per gallon.
- Heating oil fell 9 cents to US$2.95 per gallon.
- Natural gas dropped 14.5 cents to US$3.55 per 1,000 cubic feet.
Oil closed yesterday at its lowest point in almost four months. Two US Northeast refineries with the capacity to refine almost 310,000 barrels of oil a day remained shut. Demand for gasoline and diesel has been curtailed in the storm-stricken Northeast. All that suggests that the nation's ample supply won't be dwindling anytime soon.
Benchmark crude fell US$2.23, or 2.2 percent, to close at US$84.86 per barrel - its lowest level since July 10. It had gained 81 cents over the previous four days.
Philadelphia Energy Solutions says its Philadelphia refinery complex, the largest in the Northeast, has been restarted. Other refineries in the path of the storm are back to normal. But the delivery of fuel throughout the New York area continues to be stifled by the severe damage and power outages left in the wake of the storm.
"Even if there is demand we can't get it where it needs to go," Energy analyst Phil Flynn said.
The concerns overshadowed a better-than-expected report on the labor market in October.
The Labor Department said Thursday that employers added 171,000 jobs last month and that hiring in August and September was better than first reported. That suggests the slow economic recovery remains on track.
Flynn said the stronger jobs numbers also drove the value of the US dollar higher. That tends to make investments like oil and other commodities less attractive.
US stocks turned sharply lower in the afternoon, which may have also influenced some selling of oil futures.
Brent crude, which is used to price international varieties of oil, dropped US$2.49, or 2.3 percent, to US$105.73 a barrel in London.
In other energy futures trading in New York:
- Wholesale gasoline futures dropped 6 cents to US$2.57 per gallon.
- Heating oil fell 9 cents to US$2.95 per gallon.
- Natural gas dropped 14.5 cents to US$3.55 per 1,000 cubic feet.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
