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Hurricane Worries Boost Oil Prices

Rubatex Msds By Alan Fein

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Rubatex Neoprene Worries that Hurricane Ivan will hurt oil production in the Gulf of Mexico boosted oil prices Tuesday.If you would like to receive late breaking news on stocks covered by AXcess News then you need to subscribe. By joining, you can stay ahead of the pack and receive the latest news in your email in-box first.Print This Page

Was 25.00 Now 1.00 DOME OF ST PAULS Price 0.00 DOUBLE PLEAT FENN SHADE FLUTED CREAM CERAMIC BOWL FLUTED HURRICANE LAMP FLUTED HURRICANE LAMP Was 8.00

Rubatex Pipe Sept 14, 2004 (AXcess News) New York - Worries that Hurricane Ivan will hurt oil production in the Gulf of Mexico boosted oil prices Tuesday.

According to Environment Canada’s, Canadian Hurricane Centre (CHC), the number of tropical cyclones (a class of weather system under which a hurricane falls) that have affected Canada on average for the last 10 years is almost 5 per year (4.9 in fact). So, if you think only people living in the southern and eastern coastlines of the United States should be worried about hurricanes, think again. Canadian provinces, especially eastern shorelines, Quebec and even Ontario are not free from the possibility of a hurricane.

Rubatex Pipe Insulation In mid-morning New York trading, oil for future delivery hit $44.50 a barrel.

For the past two weeks, the JPY had been trading in a range, but yesterday broke downward, closing in on a two month low. A sharp rise in risk aversion only exacerbated the greenback's downfall against the JPY, with the USD losing a substantial 200 pips to lows of 112.66 JPY. Growing uncertainty on the global economy, which faces rising losses from the credit crisis, was fed by higher oil prices, encouraging investors to unwind carry trades funded in JPY, thus boosting the Japanese currency. The impact of the high JPY is a substantial worry for the Japanese economy and if Crude Oil does rise as expected toward the $ barrel level, this will lead to rising gas prices and start to really have an impact on the already dampening Japanese domestic demand.

Rubatex 180 The waters off the U.S. Gulf coast are home to oil drilling platforms that draw crude oil from the sea bottom, accounting for about one-fourth of U.S. oil production.

Last night, the Yen was under pressure as many investors have adjusted positions, ahead of the meetings outcome and especially the statement that accompanies the decision. Meanwhile, Japan's Nikkei 225 Stock Average rose last night as sliding oil prices and speculation that the U.S. Federal Reserve will leave interest rates unchanged boosted expectations that consumer spending will increase. The falling oil prices will help U.S. long term.

Rubatex 180 Fs Companies are evacuating thousands of workers from these platforms at sea as Hurricane Ivan approaches. They may also shut down refineries on shore until the killer storm passes.Ivan is one of the most powerful Atlantic hurricanes on record.

Rubatex 1800 Some analysts say the disruption to oil production will probably last a few days.

Rubatex 320 Oil stocks were mixed Tuesday after Gulf of Mexico oil platforms were shut down.AdvertisementChevronTexaco (NYSE: CVX) closed up 28 cents to end the session at $51.22. ExxonMobil (NYSE: XOM) closed down 3 cents at $47.47. British Petroleum (NYSE: BP) closed up 2 cents at $54.91. ConocoPhillips (NYSE: COP) closed up 66 cents at $78.38. Valero Energy (NYSE: VLO) closed up $1.43 at $72.50. Marathon Oil (NYSE: MRO) closed up 38 cents at $38.08.

Small cap domestic production companies have also been affected by the turmoil in oil. Lexington Resources (OTCBB: LXRS) closed down 19 cents at $1.66. Dynamic Oil (NASDAQ: DYOLF) was unchanged at $3.04. Devon Energy (AMEX: DVN) closed up 4 cents at $69.34. While Imperial Oil (AMEX: IMO) closed up 22 cents at $47.91.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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