A Change of Guard

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Sunday 31 August 2008

Oil moderately lower even though Gustav threatens Gulf of Mexico

NEW YORK, Aug. 29 (Xinhua) — Crude oil settled moderately lower Wednesday, as the stronger U.S. dollar offset concerns that Tropical Storm Gustav moved toward the Gulf of Mexico.
Light, sweet crude for October delivery declined 13 cents to settle at 115.46 U.S. dollars a barrel on the New York Mercantile Exchange. Futures jumped as much as 3.17 dollars in early trading.
The forecast shows Gustav is escalating to be the largest hurricane in the Gulf of Mexico since Katrina and will make landfall in central Louisiana as a hurricane on September 2.
Royal Dutch Shell Plc and BP Plc are pulling workers from their Gulf of Mexico platforms and shutting production in a region that pumps 26 percent of U.S. oil and 14 percent of the nation’s gas.
However, oil retreated from the day’s highs and dropped after the U.S. dollar strengthened against euro and as some traders said energy producers are better prepared to face Gustav than when Hurricane Katrina hit in 2005.

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