Oil Prices Fall, Emergency Oil Flows

Wednesday, September 07, 2005
Newswires reported that oil prices fell 2.4 percent on Tuesday as the energy industry showed signs of recovery in the wake of Hurricane Katrina and industrialized countries prepared to tap emergency supplies to avert a crunch. U.S. crude CLc1> settled down $1.61 to $65.96 a barrel, below last week's peak $70.85. Hurricane Katrina slammed into the Gulf Coast early last week, shutting down nearly all U.S. offshore crude oil production and paralyzing more than 10 percent of refining capacity in the world's biggest fuel consumer. But the industry's desperate push to recover has begun to pay dividends, as nearly half of the refineries fully or partially closed by the storm returned to service and offshore operators made strides to restore production. The United States began an auction on Tuesday for crude from national reserves for refiners struggling for feedstock after Katrina shut down most Gulf of Mexico production and closed major pipelines. This comes as part of the International Energy Agency's total release of 2 million barrels per day (bpd) over the next 30 days, the first time the IEA has tapped its members' 1.5 billion barrel government stocks since 1991. It is still not clear how much of the IEA release will comprise oil products such as gasoline, coming as U.S. retail price increases worry motorists and businesses. "The release of strategic reserves contains a very large component of unneeded crude oil, and does little to directly impact on the actual supply gap of U.S. oil products," said a report by Barclays Capital. "We are now putting the expected cumulative loss of U.S. gasoline output at about 60 million barrels."
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

PES to Begin Operating Benzene Terminal in November

Philadelphia Energy Solutions plans to start operating a new benzene offtake terminal next month at its 335,000-barrel-per-day refinery in Philadelphia, two people familiar with the plans said.

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1237 sec (8 req/sec)