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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Finland Scraps LNG Terminal Plan

Finnish gas utility Gasum has abandoned its plans to build the Finngulf liquefied natural gas  (LNG) import terminal in Finland with an offshore pipeline connection

MARAD Backs Emissions Reduction Projects

The U.S. Department of Transportation’s Maritime Administration (MARAD) announced it will provide more than $1 million to support the development of two new emission-reducing maritime solutions.

Rolls-Royce to Cut More Staff of Marine Unit

Britain's Rolls-Royce said it would cut an additional 400 staff from its marine business by the end of next year, its latest move to make the unit more efficient

Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1817 sec (6 req/sec)