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Oil prices surge as storm threatens Gulf

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posted on Jun, 25 2010 @ 10:01 PM
Just found this,

Oil prices surged on Friday as the market fretted about global supply and rough weather in the Caribbean Sea threatened to develop into a hurricane in the oil-producing Gulf of Mexico.

New York's main contract, light sweet crude for August delivery, surged to $US78.86 a barrel, a gain of $US2.35 from Thursday's close.

In London, Brent North Sea crude for August delivery gained $US1.65 to settle at $US78.12 a barrel.

"The biggest influence is really the weather forecast for the tropical waves that are occurring in the Caribbean and whether those will develop into a tropical storm and ultimately a hurricane next week," said Andy Lipow at Lipow

The market kept a watchful eye on signs of a brewing tropical storm that could wreak havoc on the oil companies operating in the Gulf.

"That could impact oil production," Lipow said.

The rough weather could impact on crude oil produced in offshore Mexico or, if the storm heads northward toward the Louisiana coast, it would affect oil production in the US, he said.

JPMorgan Chase analysts noted that if the low-pressure system developed into a tropical cyclone, it would likely disrupt operations to contain and clean up the BP spill, and might reduce production.

A tropical storm "would undoubtedly interrupt BP's oil spill response, and were it to strengthen sufficiently, a storm could possibly interrupt Gulf of Mexico oil and gas production," they said in a note to clients.


posted on Jun, 25 2010 @ 10:26 PM
Thanks for the info.
I don't underdtand the whole thing myself. We were paying the same price we are now back when it was $120 a barrel.

posted on Jun, 25 2010 @ 10:28 PM
This is a good excuse to get it back up to that price,iam surprised we didnt hear this the day it happened,keep attention away maybe?

posted on Jun, 25 2010 @ 10:52 PM
Is there a difference between this and what happens every year at this time - hurricane season" if there is then it's not about the oil rigs or the storms.. this is an excuse to raise the prices.. has anyone investigated this ?

posted on Jun, 25 2010 @ 10:56 PM
The oil market is a total manipulation and not based on supply and demand.

posted on Jun, 25 2010 @ 10:59 PM
reply to post by JohnPhoenix

Well we have severe storms all over the place,all the time,normally they only go up after an event has taken place.Maybe speculation on the combined scenarios?An oil price hike blamed primarily on the weather,not the leak.

I wonder this, Had they announced an overnight hike in oil due to the gulf incident, it would have got a lot more attention,and why? MONEY.

posted on Jun, 25 2010 @ 11:02 PM

Originally posted by whaaa
The oil market is a total manipulation and not based on supply and demand.

Everything to do with banking,corporation,and government is manipulated,oil is the leader!

posted on Jun, 25 2010 @ 11:05 PM
You think the price is high now.

Wait until the first Hurricane has actually hit the Gulf, and the mass evacuations start.

And the long legged mac daddy from Kenya, starts a middle eastern war that sets the whole region ablaze, and halts ALL foreign oil imports to America.

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