OIL IMPACT DISCUSSION

[Scott Olson]

Latest model consensus may cause significant operational damage to dozens of oil & gas platforms as well as LOOP, Fourchon and Clovelly storage facility.

The $2.61 price is a US average which may or may not reflect your local price. You can either vote how much you think the us average will go up or how much you think your local price will go up.

 

[Sam Sagnella]

I think that once the market opens back up on monday after the weekend off, oil prices will jump significantly. With the projected short-term oil production impact near 70%, there is no way to escape a major increase in gas prices as a result. Some of the big companies to be impacted are Shell Offshore Inc., Chevron USA Inc., Apache Corporation, and Exxon Mobile Corporation.

Source: http://hurricane.methaz.org/hurapak/AAL122..._gomex_oil.html

 

[Shannon Vasquez]

Oil will be over $80 within 48 hours of market opening, and gas will be over $3 by the end of the week is my prediction. This will have a long term impact, too - not just a short term disruption.

 

[Bill Tabor]

Originally posted by Shannon Vasquez
Oil will be over $80 within 48 hours of market opening, and gas will be over $3 by the end of the week is my prediction. This will have a long term impact, too - not just a short term disruption.

I agree Shannon; however gas is already over $3.00 as recent images from Mike Hollingshead in NE showed a pic of a gas station sign at $3.19 a week or so ago.

I think speculation will make it jump a lot initially. So, may be a good time to briefly jump into oil investments in the stock market. Long term effects of continued high gas prices on our economy could never be good I don't think. They recently raised the interest rate.25 percent to prevent the 'strong' economy from growing too fast and leading to inflation, but I'm afraid with increased interest rates and high oil prices this will begin to eventually cause a slowdown of the economy of the US (and eventually the world) if steps are not taken to somehow moderate this.

 

[Anonymous]

Originally posted by Bill Tabor+--><div class='quotetop'>QUOTE(Bill Tabor)</div>

<!--QuoteBegin-Shannon Vasquez

Oil will be over $80 within 48 hours of market opening, and gas will be over $3 by the end of the week is my prediction. This will have a long term impact, too - not just a short term disruption.

I agree Shannon; however gas is already over $3.00 as recent images from Mike Hollingshead in NE showed a pic of a gas station sign at $3.19 a week or so ago.[/b]

Sorry, you're right of course. I should have been more specific. I guess I meant locally! It's running $2.50 locally. I didn't word my post very carefully, did I? In any case, your point about the speculation is a good one. Regardless of one's opinion about the underlying causes, the volatility of the market should be pretty obvious to everyone by now.

 

[Tim Vasquez]

Gas is $2.56 here in Palestine and I have heard of $3.00 in places weeks ago, so I agree this "depends on where you are".

However if anyone votes "prices will go down", I want to hear your reason! Not to disagree, but I'm just curious. A dose of optimism is always good at times like these.

Tim

 

[joannie]

gas prices

im in harrisburg, pa and i just paid 2.64 pr gallon last nite for high test (93) i figure by next week the 3 cylinder metro will need to be resurrected to compenstate for the gas prices of upwards of 3.50 pr gallon. i see this disaster as an excuse for all the petro powers that be to line their pockets!

 

[B Ozanne]

For what it's worth I topped off this afternoon, trying to lock in a full tank if gas prices spike.

 

[Mikel Shively]

Gas here is 2.45 and I expect it to go over 3.00 by the end of the weekend, just on the speculation that gas supplies will be very short.

 

[Austin Ivey]

I just went to the bloomberg "energy prices" page and it appears crude prices are definitely on the rise......even tonight!!

According to the website NYMEX crude is up 6.67% to $70.54/bbl in after hours trading today!!!

Can anyone give insight as to whether this is actually "after-hours" trading? Is NYMEX the primary crude pricing index?

Source: http://www.bloomberg.com/energy/

 

[Shannon Vasquez]

It's not after hours trading, it's the Asian markets, which are now open. You can track the prices here:

http://www2.barchart.com/mktcom.asp?code=B...ection=energies

Hope everyone stocked up on gas and other things, as this may disrupt trucking, too...

 

[Anonymous]

Wonder how strong of a tropical cyclone the drilling platforms a designed to withstand?

This thing just keeps getting more and more depressing as time goes by!

 

[David Wolfson]

[This is pretty depressing speculation... :cry: ]

The main problem is not that the hurricane will bring about a long term shortage of crude -- heck, we already have that. It's rather that refinery capacity is very tight already, and K may scrap several large refineries as it reams through LA and MS. In addition, even though Ivan wasn't a direct hit on the main offshore fields and was weaker, Ivan caused a surprising amount of damage to the offshore infrastructure -- not only breaking drilling platforms but also with violent undersea wave action breaking up seafloor piping. Especially if LOOP is damaged (as posted elsewhere, the only terminal able to accept VLCC tankers), there will be a big problem in getting crude and product offloaded elsewhere where it needs to go.

I'll forecast the SPR will be tapped. If it isn't, then [political comment omitted as poster bites tongue....].

 

[B Doss]

..

SINGAPORE (AFP) - Oil prices hit new record highs after crossing 70 dollars a barrel in Asian trading hours Monday as Hurricane Katrina threatened the Gulf of Mexico region, dealers said.

http://news.yahoo.com/news?tmpl=story&u=/a...ce_050829021217

 

[Anonymous]

Can anyone give insight as to whether this is actually "after-hours" trading?

It is, meaning that trading is going on in asia. The US markets open at 8 or 9, I believe.

Is NYMEX the primary crude pricing index?

In a word: yes.