Gustav and Ike's one-two punch sent national gasoline inventories to record lows according to statistics released by the U.S. Energy Information Administration on Wednesday, fueling a rebound in U.S. crude oil prices hammered by the dismal U.S. economic outlook as investment banks meltdown in the global credit crunch.
As of Wednesday, 95.9 per cent of the 1.3 million barrels of oil and 82.3 percent of the 7.4 billion cubic feet in natural gas taken daily from the Gulf remained shut, according to the latest information from the U.S. Minerals Management Service.
The Gulf provides a quarter of U.S. oil production and 15 percent of natural gas output.
NVDL: This is another very nasty scenario in the making.
As of Wednesday, 95.9 per cent of the 1.3 million barrels of oil and 82.3 percent of the 7.4 billion cubic feet in natural gas taken daily from the Gulf remained shut, according to the latest information from the U.S. Minerals Management Service.
The Gulf provides a quarter of U.S. oil production and 15 percent of natural gas output.
NVDL: This is another very nasty scenario in the making.
 clipped from www.reuters.comHOUSTON (Reuters) - Oil refiners and producers on Thursday rushed to restore Gulf of Mexico production following Hurricane Ike, but energy traders and analysts warned it will take several more weeks to refill U.S. fuel inventories, increasing the risk of shortages. "They (The markets) are factoring in a quick return of refineries and are looking the other way regarding the gasoline situation," said one trader, who asked not to be identified by name. "I think that's a mistake." "Total refined products losses may top 80 million barrels," Mark Kellstrom, analyst for Strategic Energy, said in a note.
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