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Are Gas Prices Heading up Again?
Sept. 12 (Bloomberg) — Crude oil was little changed after falling below $100 a barrel in New York today for the first time since April on signs that a slowing global economy will curtail energy demand and as Hurricane Ike takes aim at Texas refineries.
Crude oil and gasoline rose as Hurricane Ike headed toward the Texas coast, home to 23 percent of U.S. refining capacity, shutting almost all Gulf of Mexico oil production as it passes.About 18 percent of U.S. oil processing capacity has been shut before Ike makes landfall today. More than a quarter of U.S. crude production is based in the Gulf Coast region. Evacuations have halted 97 percent of Gulf oil output, the Minerals Management Service said yesterday.
“The big concern is about the products because the refineries aren’t running,” said Tom Bentz, senior energy analyst at BNP Paribas in New York. “It remains to be seen how much damage will occur, but nobody wants to take chances.”
Futures traded as low as $99.99 a barrel and have erased almost a third of their value since reaching a record $147.27 on July 11. Traders have shrugged off forecasts that the storm will hit the Texas coast later today.
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