Crude Up As Gustav Nears Landfall
Crude oil is up $1.31/barrel at $116.77/barrel this morning, having earlier risen to $117.25 as Hurricane Gustav threatens US supplies in the Gulf of Mexico.
Gulf Coast refineries have cut at least 1.56 million barrels a day of production, about 9.8 percent of the U.S. total.
Torrential rain and winds from Hurricane Gustav lashed the US Gulf coast early Monday after nearly two million people fled the killer storm.
Hundreds of troops were sent into New Orleans after what is being called the biggest evacuation in US history.
The eye of the storm was not expected to make landfall until later Monday.
Nymex electronic trading opened early today to allow traders to respond to Gustav. Trades will be dated Sept. 2 because of the U.S. Labor Day holiday.
Gulf Coast refineries have cut at least 1.56 million barrels a day of production, about 9.8 percent of the U.S. total.
Torrential rain and winds from Hurricane Gustav lashed the US Gulf coast early Monday after nearly two million people fled the killer storm.
Hundreds of troops were sent into New Orleans after what is being called the biggest evacuation in US history.
The eye of the storm was not expected to make landfall until later Monday.
Nymex electronic trading opened early today to allow traders to respond to Gustav. Trades will be dated Sept. 2 because of the U.S. Labor Day holiday.
