Crude Steady Around USD109 As US Pipelines Re-Open
Crude oil is little changed and steady around USD109/barrel in overnight trade as some US Gulf Coast facilities resumed production after Hurricane Gustav swept through the area earlier this week.
The Louisiana Offshore Oil Port, the biggest U.S. oil-import terminal, may restart deliveries today after shutting ahead of the hurricane, a port spokeswoman said.
Royal Dutch Shell Plc and ConocoPhillips said yesterday that Hurricane Gustav caused no damage to platforms in the Gulf of Mexico. Exxon Mobil Corp. workers are returning to production facilities, according to the company.
Meanwhile with the threat of more storm disruptions in the weeks ahead a test of the key $100/barrel level seems unlikely just yet. Keep your eyes on Hanna, Ike and Josephine.
OPEC meet on Sept 9th but are unlikely to order a reduction in output at current price levels most analysts say.
OPEC nations are producing at record levels at the moment and in the medium term there seems to be more risks to the downside than the upside.
If prices were to fall below $100/barrel then OPEC have very publicly stated that output would be lowered.
But then again, they are a barrel full of snakes, what they publicly say and what the actually do are two entirely different things.
Meanwhile a recent study by the RAC and Trafficmaster found congestion on Britain's motorways and major trunk roads fell by 12% in the first six months of this year compared with the first half of 2007, as British motorists cut back their journeys under mounting financial pressures.
The Louisiana Offshore Oil Port, the biggest U.S. oil-import terminal, may restart deliveries today after shutting ahead of the hurricane, a port spokeswoman said.
Royal Dutch Shell Plc and ConocoPhillips said yesterday that Hurricane Gustav caused no damage to platforms in the Gulf of Mexico. Exxon Mobil Corp. workers are returning to production facilities, according to the company.
Meanwhile with the threat of more storm disruptions in the weeks ahead a test of the key $100/barrel level seems unlikely just yet. Keep your eyes on Hanna, Ike and Josephine.
OPEC meet on Sept 9th but are unlikely to order a reduction in output at current price levels most analysts say.
OPEC nations are producing at record levels at the moment and in the medium term there seems to be more risks to the downside than the upside.
If prices were to fall below $100/barrel then OPEC have very publicly stated that output would be lowered.
But then again, they are a barrel full of snakes, what they publicly say and what the actually do are two entirely different things.
Meanwhile a recent study by the RAC and Trafficmaster found congestion on Britain's motorways and major trunk roads fell by 12% in the first six months of this year compared with the first half of 2007, as British motorists cut back their journeys under mounting financial pressures.
