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Oil soars on Gulf of Mexico supply disruption

The Sydney Morning Herald --
Crude prices surged in Asia as supply of oil and gas from the Gulf of Mexico was curtailed after Tropical Storm Isaac forced the closure of production facilities in the region, analysts said.

New York's main contract, light sweet crude for October delivery soared $US1.35 to $US97.50 a barrel and Brent North Sea crude for delivery in October gained $US1.40 to $US114.99.

The shutdown and evacuation of personnel from production facilities in the Gulf due to Tropical Storm Isaac was fuelling a crude rally, said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.

"In the Gulf of Mexico there is this Tropical Storm Isaac that's threatening the region and has already caused some precautionary shut down of the production facilities there," he said.

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Submitted Aug 27, 2012 By: aservant

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ToolinIt Champion Author Colorado Posts:1,803 Points:887,195 Joined:May 2010	Message Posted: Aug 27, 2012 10:19:15 AM Ignore ToolinIt Report Abuse WTI is trading relatively flat and Brent is down over 1%.
PCWHIZ All-Star Author Denver Posts:578 Points:440,625 Joined:May 2004	Message Posted: Aug 27, 2012 9:27:16 AM Ignore PCWHIZ Report Abuse Gas prices jumped 6 cents in 2 hours at one station here in the Denver Metro area today.
Dr Gas Champion Author Twin Cities Posts:3,268 Points:358,365 Joined:May 2004	Message Posted: Aug 27, 2012 2:52:18 AM Ignore Dr Gas Report Abuse Do they know the meaning of "surge" ????? $1.50 is NOT a surge!!!!!!!!!!!!!!!!
WalRus49 Champion Author Boston Posts:4,075 Points:868,865 Joined:Nov 2010	Message Posted: Aug 27, 2012 2:36:06 AM Ignore WalRus49 Report Abuse Just more organized mayhem and pillage..............
ClarkSC Champion Author South Carolina Posts:3,078 Points:1,011,405 Joined:May 2010	Message Posted: Aug 27, 2012 12:38:07 AM Ignore ClarkSC Report Abuse Expected.
memo81 Champion Author St. Louis Posts:2,348 Points:444,500 Joined:Feb 2012	Message Posted: Aug 27, 2012 12:21:25 AM Ignore memo81 Report Abuse ok
skippypa Champion Author Hawaii Posts:8,476 Points:1,740,930 Joined:Jun 2008	Message Posted: Aug 27, 2012 12:09:16 AM Ignore skippypa Report Abuse Ok
nfldude Champion Author San Diego Posts:3,871 Points:446,405 Joined:Dec 2011	Message Posted: Aug 26, 2012 10:05:24 PM Ignore nfldude Report Abuse yep
1WI All-Star Author Appleton Posts:818 Points:274,255 Joined:Jan 2012	Message Posted: Aug 26, 2012 9:27:05 PM Ignore 1WI Report Abuse k
comprof Champion Author Houston Posts:6,859 Points:1,356,750 Joined:Jul 2009	Message Posted: Aug 26, 2012 9:09:09 PM Ignore comprof Report Abuse I do not think this is a surprise to anyone. Neither do I think it is an advantage for the oil companies considering the cost of such shutdowns.
djgunrunner Champion Author Salt Lake City Posts:10,099 Points:2,348,605 Joined:Apr 2005	Message Posted: Aug 26, 2012 8:46:48 PM Ignore djgunrunner Report Abuse The speculators are working over time on this one. The disruption will be for a couple of days and the way the prices are jumping you would think it would be for six months.
Amtrgas Champion Author Oakland Posts:2,678 Points:1,621,695 Joined:Dec 2007	Message Posted: Aug 26, 2012 8:12:55 PM Ignore Amtrgas Report Abuse We will see how much of a problem this storm is.
KrsnaDragon Champion Author Montreal Posts:2,407 Points:531,300 Joined:Nov 2011	Message Posted: Aug 26, 2012 8:10:58 PM Ignore KrsnaDragon Report Abuse Clearly, supply and demand is at play in this case.
mastermariner Champion Author Texas Posts:4,248 Points:493,905 Joined:Jun 2011	Message Posted: Aug 26, 2012 8:09:35 PM Ignore mastermariner Report Abuse This was expected. Especially if it hits the Louisiana and Texas refinery's.
Vette1967 Champion Author Albany Posts:5,962 Points:1,275,475 Joined:Jun 2009	Message Posted: Aug 26, 2012 8:03:51 PM Ignore Vette1967 Report Abuse This was expected. It's just a matter of how long.
barber7796 Veteran Author Oklahoma Posts:426 Points:276,960 Joined:May 2012	Message Posted: Aug 26, 2012 7:46:13 PM Ignore barber7796 Report Abuse In the real world Issac disruption of crude oil is like a pimple on an elephant The real reason is the unrest in iran etc. That area is about to go BOOM.
billy44bo Champion Author Mobile Posts:7,207 Points:1,490,870 Joined:Feb 2008	Message Posted: Aug 26, 2012 7:38:51 PM Ignore billy44bo Report Abuse GREED runs the oil market
gass12 Champion Author Omaha Posts:8,394 Points:2,304,690 Joined:Oct 2005	Message Posted: Aug 26, 2012 7:36:30 PM Ignore gass12 Report Abuse They will be back up in the Gulf by the middle of the week.
OTISFL Champion Author Pensacola Posts:4,610 Points:865,815 Joined:Apr 2009	Message Posted: Aug 26, 2012 7:36:06 PM Ignore OTISFL Report Abuse BEngr--highly doubt the prices will fall as they are going up. Total corruption
ftsgt Champion Author Illinois Posts:13,047 Points:2,483,695 Joined:Dec 2004	Message Posted: Aug 26, 2012 7:33:58 PM Ignore ftsgt Report Abuse no surprise...will probably only get worse
BEngr Champion Author Illinois Posts:6,712 Points:1,580,615 Joined:May 2008	Message Posted: Aug 26, 2012 7:32:58 PM Ignore BEngr Report Abuse While I can understand how a tropical storm in the Gulf of Mexico could temporary disrupt the supply, the key word is "temporary". I know we haven't run out of oil at the refineries or they didn't have to shut down yet. So the speculators are driving the price of oil up now. I wonder if the price of oil will fall as fast as it went up.
wz Champion Author Twin Cities Posts:2,489 Points:1,277,315 Joined:Feb 2009	Message Posted: Aug 26, 2012 7:31:33 PM Ignore wz Report Abuse The prices were already adjusted upward in anticipation of Isaac. They've been using that as an excuse for weeks.
TheeRedRam Champion Author Hartford Posts:3,163 Points:672,635 Joined:Jun 2011	Message Posted: Aug 26, 2012 7:28:25 PM Ignore TheeRedRam Report Abuse HUmmm
goodbuy Champion Author Michigan Posts:7,668 Points:1,422,580 Joined:May 2005	Message Posted: Aug 26, 2012 7:27:56 PM Ignore goodbuy Report Abuse Hang on to your wallets.
downstream Champion Author Little Rock Posts:1,109 Points:1,392,065 Joined:Mar 2006	Message Posted: Aug 26, 2012 7:24:23 PM Ignore downstream Report Abuse oil soars when you breathe...
rollercoaster All-Star Author Hartford Posts:502 Points:567,660 Joined:Jul 2008	Message Posted: Aug 26, 2012 7:22:18 PM Ignore rollercoaster Report Abuse k
JimVP All-Star Author Chicago Posts:632 Points:154,210 Joined:Sep 2011	Message Posted: Aug 26, 2012 7:21:31 PM Ignore JimVP Report Abuse Who maintains the books on the list of excuses so they do not use the same one too often?
windows7isfast Champion Author Winnipeg Posts:2,409 Points:491,250 Joined:Nov 2011	Message Posted: Aug 26, 2012 7:21:22 PM Ignore windows7isfast Report Abuse ok
BJWI Champion Author Milwaukee Posts:6,410 Points:736,325 Joined:May 2011	Message Posted: Aug 26, 2012 7:16:49 PM Ignore BJWI Report Abuse Another reason prices will be manipulated.
hubcapLA Champion Author Louisiana Posts:3,905 Points:940,435 Joined:Apr 2009	Message Posted: Aug 26, 2012 7:15:20 PM Ignore hubcapLA Report Abuse Will get supplies today, gas will only go higher.
Prodaddy Champion Author Houston Posts:8,380 Points:1,895,185 Joined:May 2007	Message Posted: Aug 26, 2012 7:14:55 PM Ignore Prodaddy Report Abuse This is all a bunch of crap so then screw us on gas prices
LanguageMan1 Champion Author Tampa Posts:11,723 Points:1,661,790 Joined:Apr 2008	Message Posted: Aug 26, 2012 7:14:44 PM Ignore LanguageMan1 Report Abuse Prices were higher in trading before backing off a bit. I could see it happening and thought it would.
kgbellman Champion Author Ann Arbor Posts:2,713 Points:731,840 Joined:Mar 2011	Message Posted: Aug 26, 2012 7:14:37 PM Ignore kgbellman Report Abuse Hopefully they drop back down once production begins again in the Gulf
jwalkerh Champion Author Louisiana Posts:6,132 Points:1,368,945 Joined:Oct 2008	Message Posted: Aug 26, 2012 7:11:30 PM Ignore jwalkerh Report Abuse Everone is abandoning ship in the Gulf of Mexico now as Isaac approaches.
JagXKR Champion Author British Columbia Posts:3,159 Points:1,091,380 Joined:Dec 2009	Message Posted: Aug 26, 2012 7:10:21 PM Ignore JagXKR Report Abuse Kill the speculators and do it publicly and without censorship.
roadrunnerMO Champion Author Kansas Posts:8,406 Points:1,699,465 Joined:Jul 2008	Message Posted: Aug 26, 2012 7:09:19 PM Ignore roadrunnerMO Report Abuse here we go again...
afghaned Champion Author Hamilton Posts:11,814 Points:1,286,135 Joined:May 2004	Message Posted: Aug 26, 2012 7:09:15 PM Ignore afghaned Report Abuse Annual happening.
TBONE3 Champion Author Pennsylvania Posts:8,746 Points:1,976,650 Joined:Mar 2005	Message Posted: Aug 26, 2012 7:08:38 PM Ignore TBONE3 Report Abuse This article makes far more sense than the previous one. It all depends on the storm!!!
DirtDauber Champion Author San Antonio Posts:6,781 Points:1,627,460 Joined:Nov 2005	Message Posted: Aug 26, 2012 7:08:07 PM Ignore DirtDauber Report Abuse Tell us something that we do not know. This happens before every storm.
sprocketsplines Champion Author Washington Posts:1,682 Points:860,640 Joined:Oct 2010	Message Posted: Aug 26, 2012 7:07:19 PM Ignore sprocketsplines Report Abuse Better safe than sorry which why the production facilities shutdown and evacuation with the approach of the tropical storm.
Mowerman08 Champion Author Milwaukee Posts:4,760 Points:1,217,995 Joined:Aug 2008	Message Posted: Aug 26, 2012 7:05:31 PM Ignore Mowerman08 Report Abuse Still exporting finished goods to foreign markets, not to much concern about the US market!
Rageagainsttm Champion Author Tampa Posts:8,303 Points:1,902,980 Joined:Jul 2007	Message Posted: Aug 26, 2012 7:05:02 PM Ignore Rageagainsttm Report Abuse yep
Ron77095 Champion Author Houston Posts:3,060 Points:602,675 Joined:Sep 2011	Message Posted: Aug 26, 2012 7:01:21 PM Ignore Ron77095 Report Abuse Ugh!
TFowler513 Champion Author Memphis Posts:3,824 Points:1,413,985 Joined:Mar 2008	Message Posted: Aug 26, 2012 7:01:07 PM Ignore TFowler513 Report Abuse Sure pump prices soared. Speculators wouldn't have it any other way!!!
TFowler513 Champion Author Memphis Posts:3,824 Points:1,413,985 Joined:Mar 2008	Message Posted: Aug 26, 2012 6:59:44 PM Ignore TFowler513 Report Abuse Sure pump prices soared. Speculators wouldn't have it any other way!!!
WebGabe Champion Author Pennsylvania Posts:2,369 Points:496,620 Joined:Jun 2007	Message Posted: Aug 26, 2012 6:59:26 PM Ignore WebGabe Report Abuse Same old same old.
jetskijerry Champion Author North Carolina Posts:3,896 Points:772,270 Joined:Mar 2011	Message Posted: Aug 26, 2012 6:58:46 PM Ignore jetskijerry Report Abuse Everyone tried to make a killing.
jetskijerry Champion Author North Carolina Posts:3,896 Points:772,270 Joined:Mar 2011	Message Posted: Aug 26, 2012 6:58:28 PM Ignore jetskijerry Report Abuse crooks
Zonk Champion Author Michigan Posts:6,481 Points:2,102,765 Joined:Oct 2005	Message Posted: Aug 26, 2012 6:58:03 PM Ignore Zonk Report Abuse JUST AN EXCUSE!
nru Champion Author Twin Cities Posts:1,748 Points:983,225 Joined:Feb 2006	Message Posted: Aug 26, 2012 6:57:42 PM Ignore nru Report Abuse could have guessed this - why do we put up with any of this stuff