Rita And Crude Oil Prices

[TampaFl]

From the AP:

NEW YORK(AP) Crude oil futures fell sharply in unusual Sunday trading as it appeared that oil rig and refinery damage from Hurricane Rita was less than originally feared.

Oil prices had climbed steadily last week as Rita churned through the Gulf of Mexico as a category 4 hurricane, but fell Friday as the storm weakened before landfall early Saturday morning.

In early trading on the New York Mercantile Exchange, a barrel of light crude for November delivery was quoted at $63.08, down $1.12. Heating oil dropped 7.6 cents to $1.8895 per gallon, while unleaded gasoline fell 10.16 cents to $1.984 gallon.

On London's International Petroleum Exchange, which also opened trading earlier than usual, Brent crude futures tumbled $2.59 to $62.01.

The Nymex and IPE offered extended Sunday hours in hopes of mitigating any volatility in the wake of Rita. Given the relative lack of damage from Rita, especially compared to Hurricane Katrina's devastation, trading was light, however.

Rita did cause damage to some of the Texas Gulf Coast's refineries. Valero Energy Corp.'s Port Arthur refinery, which produces 255,000 barrels a day, could be out of service two weeks to a month due to damages.

Motiva Enterprises Inc. and Citgo Petroleum Corp. also reported damage to plants in Port Arthur and Lake Charles, La., respectively. However, other refineries in the Houston area operated by Exxon Mobil Corp., BP PLC, Marathon Petroleum Co. and Valero appeared to have sustained only minor damage.

[jlauderdal]

From the AP:

NEW YORK(AP) Crude oil futures fell sharply in unusual Sunday trading as it appeared that oil rig and refinery damage from Hurricane Rita was less than originally feared.

Oil prices had climbed steadily last week as Rita churned through the Gulf of Mexico as a category 4 hurricane, but fell Friday as the storm weakened before landfall early Saturday morning.

In early trading on the New York Mercantile Exchange, a barrel of light crude for November delivery was quoted at $63.08, down $1.12. Heating oil dropped 7.6 cents to $1.8895 per gallon, while unleaded gasoline fell 10.16 cents to $1.984 gallon.

On London's International Petroleum Exchange, which also opened trading earlier than usual, Brent crude futures tumbled $2.59 to $62.01.

The Nymex and IPE offered extended Sunday hours in hopes of mitigating any volatility in the wake of Rita. Given the relative lack of damage from Rita, especially compared to Hurricane Katrina's devastation, trading was light, however.

Rita did cause damage to some of the Texas Gulf Coast's refineries. Valero Energy Corp.'s Port Arthur refinery, which produces 255,000 barrels a day, could be out of service two weeks to a month due to damages.

Motiva Enterprises Inc. and Citgo Petroleum Corp. also reported damage to plants in Port Arthur and Lake Charles, La., respectively. However, other refineries in the Houston area operated by Exxon Mobil Corp., BP PLC, Marathon Petroleum Co. and Valero appeared to have sustained only minor damage.

good, they will still find a reason to raise prices. bottom line is this country isn't ready to conserve gas and thus prices will remain high. compare the cars we drive compared to europe.

[wxmann_91]

bottom line is this country isn't ready to conserve gas and thus prices will remain high.

I just saw on CNN that gas prices will drop BELOW $2 A GALLON next year.

[WeatherEmperor]

bottom line is this country isn't ready to conserve gas and thus prices will remain high.

I just saw on CNN that gas prices will drop BELOW $2 A GALLON next year.

Really? Is that so? Perhaps wishful thinking? If that happens, hello Infiniti M45 V8 for my graduation present next year

<RICKY>

[arkess7]

we havent seen gas prices drop below $2 a gallon in forever!!!!! that would just be great if they did.....we sure do need a break on something for once

[OtherHD]

bottom line is this country isn't ready to conserve gas and thus prices will remain high.

I just saw on CNN that gas prices will drop BELOW $2 A GALLON next year.

I don't believe that for a second.

If gas is less than $3/gallon by January, I will be shocked.

[Weatherfreak14]

Here now its 2.89 but one open place out of town is 2.69

[wx247]

We never rose above $2.49 here with this weekend's increases.

[jhamps10]

I'm sure that gas stations will drop there prices by about $0.25 a gallon by this upcoming weekend, that is unless another storm threatens the gulf coast, which the only thing that could do that is the wave out in the caribbean.