Crude Price Buffeted By New US Hurricane
Posted on: Thursday, 22 September 2005, 21:00 CDT
HURRICANE Rita blew US crude prices back up to $68 a barrel as oil companies scrambled to evacuate workers from offshore rigs.
Crude rose $1.80 early on as Rita menaced the Gulf of Mexico, where over half of offshore output is still shut down in the wake of Hurricane Katrina.
Natural gas hit a new record of $13.12 per million thermal units. In the 1990s it traded at $1.50.
US crude, which peaked at nearly $71 in August, dropped to $63 last week but is surging again. North Sea crude rose by almost $1 to $63.82 last night, up from $61.80 just 10 days ago.
The US crude price later fell back to $66.75. Opec promised to pump another 2m barrels a day next month if needed. But the market is just as short of refined products such as petrol.
On Wall Street Esso owner Exxon Mobil shares reached an all-time high. In London, BP passed its 2000 peak of 665p before easing to 663p up 2p on the day.
Source: Daily Mail; London (UK)
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