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Oil rises towards $120 as Gustav threatens US Gulf
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Oil rises towards $120 as Gustav threatens US Gulf
Oil rose towards $120 a barrel yesterday, its fourth day of gains, boosted by the threat of damage to US oil installations from Tropical Storm Gustav.
The storm is forecast to regain hurricane status as it approaches the Gulf of Mexico, home to a quarter of US crude oil production and 15 % of its natural gas output. US crude oil for October delivery was up 76 cents at $118.91 a barrel by 1000 GMT. It earlier hit an intraday high of $119.25 a barrel. London Brent crude was up 68 cents at $116.90 a barrel. ?Gustav...is on track to pose a sizeable threat to both upstream and downstream production capacity,? Thomas Stenvoll, energy strategist at UBS said in a research note. ?The impact of Gustav on the downstream sector could be felt more acutely ? at least in the short term as there is no US government inventory that can be released.? The storm is forecast to hit the US Gulf Coast on Monday and will be the first major hurricane to threaten US energy installations since hurricanes Katrina and Rita in 2005. AccuWeather said Gustav could strengthen into a Category 4 or 5 storm over the Gulf. Shell Oil Co, the US Gulf of Mexico?s largest producer, said output is being affected since yesterday as and has evacuated all workers from offshore operations. ?It looks as though the hurricane is on track to inflicting damage,? said Ken Hasegawa, an analyst in Tokyo. He predicted prices could surpass last week?s high of $122.04 by the end of day.
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