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GasBuddy News Article

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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
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil soars on Gulf of Mexico supply disruption Back to Topics
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ToolinIt
Champion Author Colorado

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Message Posted: Aug 27, 2012 2:19:15 PM

WTI is trading relatively flat and Brent is down over 1%.
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PCWHIZ
Champion Author Denver

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Message Posted: Aug 27, 2012 1:27:16 PM

Gas prices jumped 6 cents in 2 hours at one station here in the Denver Metro area today.
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Dr Gas
Champion Author Twin Cities

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Message Posted: Aug 27, 2012 6:52:18 AM

Do they know the meaning of "surge" ?????

$1.50 is NOT a surge!!!!!!!!!!!!!!!!
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WalRus49
Champion Author Boston

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Message Posted: Aug 27, 2012 6:36:06 AM

Just more organized mayhem and pillage..............
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ClarkSC
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Message Posted: Aug 27, 2012 4:38:07 AM

Expected.
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memo81
Champion Author St. Louis

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Message Posted: Aug 27, 2012 4:21:25 AM

ok
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skippypa
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Message Posted: Aug 27, 2012 4:09:16 AM

Ok
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nfldude
Champion Author San Diego

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Message Posted: Aug 27, 2012 2:05:24 AM

yep
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1WI
All-Star Author Appleton

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Message Posted: Aug 27, 2012 1:27:05 AM

k
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comprof
Champion Author Houston

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Message Posted: Aug 27, 2012 1:09:09 AM

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.
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djgunrunner
Champion Author Salt Lake City

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Message Posted: Aug 27, 2012 12:46:48 AM

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.
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Amtrgas
Champion Author Oakland

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Message Posted: Aug 27, 2012 12:12:55 AM

We will see how much of a problem this storm is.
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KrsnaDragon
Champion Author Montreal

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Message Posted: Aug 27, 2012 12:10:58 AM

Clearly, supply and demand is at play in this case.
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mastermariner
Champion Author Texas

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Message Posted: Aug 27, 2012 12:09:35 AM

This was expected. Especially if it hits the Louisiana and Texas refinery's.
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Vette1967
Champion Author Albany

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Message Posted: Aug 27, 2012 12:03:51 AM

This was expected. It's just a matter of how long.
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barber7796
Veteran Author Oklahoma

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Message Posted: Aug 26, 2012 11:46:13 PM

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.
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billy44bo
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Message Posted: Aug 26, 2012 11:38:51 PM

GREED runs the oil market
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gass12
Champion Author Omaha

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Message Posted: Aug 26, 2012 11:36:30 PM

They will be back up in the Gulf by the middle of the week.
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OTISFL
Champion Author Pensacola

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Message Posted: Aug 26, 2012 11:36:06 PM

BEngr--highly doubt the prices will fall as they are going up. Total corruption
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ftsgt
Champion Author Illinois

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Message Posted: Aug 26, 2012 11:33:58 PM

no surprise...will probably only get worse
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BEngr
Champion Author Illinois

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Message Posted: Aug 26, 2012 11:32:58 PM

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.
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wz
Champion Author Twin Cities

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Message Posted: Aug 26, 2012 11:31:33 PM

The prices were already adjusted upward in anticipation of Isaac. They've been using that as an excuse for weeks.
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TheeRedRam
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Message Posted: Aug 26, 2012 11:28:25 PM

HUmmm
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goodbuy
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Message Posted: Aug 26, 2012 11:27:56 PM

Hang on to your wallets.
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downstream
Champion Author Little Rock

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Message Posted: Aug 26, 2012 11:24:23 PM

oil soars when you breathe...
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rollercoaster
All-Star Author Hartford

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Message Posted: Aug 26, 2012 11:22:18 PM

k
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JimVP
All-Star Author Chicago

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Message Posted: Aug 26, 2012 11:21:31 PM

Who maintains the books on the list of excuses so they do not use the same one too often?
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windows7isfast
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Message Posted: Aug 26, 2012 11:21:22 PM

ok
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BJWI
Champion Author Milwaukee

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Message Posted: Aug 26, 2012 11:16:49 PM

Another reason prices will be manipulated.
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hubcapLA
Champion Author Louisiana

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Message Posted: Aug 26, 2012 11:15:20 PM

Will get supplies today, gas will only go higher.
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Prodaddy
Champion Author Houston

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Message Posted: Aug 26, 2012 11:14:55 PM

This is all a bunch of crap so then screw us on gas prices
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LanguageMan1
Champion Author Tampa

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Message Posted: Aug 26, 2012 11:14:44 PM

Prices were higher in trading before backing off a bit. I could see it happening and thought it would.
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kgbellman
Champion Author Ann Arbor

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Message Posted: Aug 26, 2012 11:14:37 PM

Hopefully they drop back down once production begins again in the Gulf
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jwalkerh
Champion Author Louisiana

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Message Posted: Aug 26, 2012 11:11:30 PM

Everone is abandoning ship in the Gulf of Mexico now as Isaac approaches.
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JagXKR
Champion Author British Columbia

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Message Posted: Aug 26, 2012 11:10:21 PM

Kill the speculators and do it publicly and without censorship.
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roadrunnerMO
Champion Author Kansas

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Message Posted: Aug 26, 2012 11:09:19 PM

here we go again...
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afghaned
Champion Author Ottawa

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Message Posted: Aug 26, 2012 11:09:15 PM

Annual happening.
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TBONE3
Champion Author Pennsylvania

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Message Posted: Aug 26, 2012 11:08:38 PM

This article makes far more sense than the previous one. It all depends on the storm!!!
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DirtDauber
Champion Author San Antonio

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Message Posted: Aug 26, 2012 11:08:07 PM

Tell us something that we do not know.

This happens before every storm.
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sprocketsplines
Champion Author Washington

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Message Posted: Aug 26, 2012 11:07:19 PM

Better safe than sorry which why the production facilities shutdown and evacuation with the approach of the tropical storm.
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Mowerman08
Champion Author Milwaukee

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Message Posted: Aug 26, 2012 11:05:31 PM

Still exporting finished goods to foreign markets, not to much concern about the US market!
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Rageagainsttm
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Message Posted: Aug 26, 2012 11:05:02 PM

yep
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Ron77095
Champion Author Houston

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Message Posted: Aug 26, 2012 11:01:21 PM

Ugh!
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TFowler513
Champion Author Memphis

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Message Posted: Aug 26, 2012 11:01:07 PM

Sure pump prices soared. Speculators wouldn't have it any other way!!!
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TFowler513
Champion Author Memphis

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Message Posted: Aug 26, 2012 10:59:44 PM

Sure pump prices soared. Speculators wouldn't have it any other way!!!
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WebGabe
Champion Author Pennsylvania

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Message Posted: Aug 26, 2012 10:59:26 PM

Same old same old.
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jetskijerry
Champion Author North Carolina

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Message Posted: Aug 26, 2012 10:58:46 PM

Everyone tried to make a killing.
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jetskijerry
Champion Author North Carolina

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Message Posted: Aug 26, 2012 10:58:28 PM

crooks
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Zonk
Champion Author Michigan

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Message Posted: Aug 26, 2012 10:58:03 PM

JUST AN EXCUSE!
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nru
Champion Author Twin Cities

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Message Posted: Aug 26, 2012 10:57:42 PM

could have guessed this - why do we put up with any of this stuff
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