Crude Inches Higher
Sep 13th, 2008 | By Doug Casey | Category: Financial News, Oil Investment & Alternative EnergyIn the energy market Friday, crude for October delivery edged higher, closing at $101.18/barrel, up 31 cents. October reformulated gasoline, which was 12 cents higher at one point, wound up adding only 2.1 cents, to $2.7696 a gallon.
Natural gas pushed nearly 2% higher on projected supply disruptions from Hurricane Ike, but the storm barely affected crude, as it mainly threatened Texas coast refining facilities, rather than production operations.
“Oil wasn’t an issue,” said Darin Newsom, DTN senior analyst. “In fact, it could almost be viewed as bearish due to drilling platforms likely being undamaged for the most part, [and] crude-oil stocks could build if refineries are shut down for any length of time.”
James Williams, of WTRG Economics, added that, “Of more immediate concern is the potential damage to nearly 20% of the refineries that turn crude into gasoline, diesel, jet fuel and the other petroleum products we use.”
It’s likely that “significant damage to refineries would have a much greater impact on the consumer in higher product prices,” Williams said
Source: Crude Inches Higher
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