Marathon cuts oil, gas output before Hurricane Ivan
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Marathon Oil Corp., the fourth- largest US oil producer, evacuated about 40 workers from platforms in the Gulf of Mexico and cut production as Hurricane Ivan entered the region.
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CALGARY - Oil prices rose to their second-highest closing price on record yesterday, a final gift from Hurricane Ivan, which ravaged the US Gulf Coast last week, cutting oil imports south of the border and destroying key production facilities.
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Oil prices slid on Monday as a  hurricane in the Caribbean was downgraded to a tropical storm,  reducing the threat to U.S. Gulf oil facilities.
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U.S. oil prices hovered just shy of  $44 a barrel on Tuesday, awaiting the arrival of Hurricane Ivan  in the oil-rich Gulf of Mexico, where energy companies had  evacuated thousands of offshore workers and shut some  production.
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Hurricane Ivan is heading for the Gold Coast of the USA after killing at least 68 people in a devastating run through Barbados, Grenada, Jamaica and the Cayman Islands.
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PINAR DEL RIO, Cuba Sept. 14, 2004 - After slamming western Cuba with 160 mph winds, Hurricane Ivan hardly slowed as it moved into the Gulf of Mexico on Tuesday, threatening offshore oil rigs and setting off an exodus along the US coast.
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World oil prices fell nearly $2 a  barrel on Friday as dealers took profits from a recent rally,  but the market remained on edge as powerful Hurricane Ivan  thrashed through the Caribbean on a track toward the  energy-rich Gulf of Mexico.
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DALLAS (CBS.MW) -- Oil and gas production in the Gulf of Mexico remains off line and tankers continued to sit idle offshore Friday, raising questions about how much further the nation&#39;s crude inventories will be depleted following Hurricane Ivan.
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Oil prices fell on Thursday as the U.S.  government considered whether to release crude from the U.S.  petroleum reserve after Hurricane Ivan sliced into supplies.
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Crude oil futures traded near a record on concern supply from the Gulf of Mexico will be reduced while hurricane repairs are completed during the next six months.
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World oil prices fell about $2 a  barrel on Friday as dealers took profits from a recent rally,  but the market remained on edge as powerful Hurricane Ivan  thrashed through the Caribbean on a track toward the  energy-rich Gulf of Mexico.
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Hurricane Ivan, after killing at least 65 people in the Caribbean, appeared set to turn to the northwest this morning, putting it on a track that threatens the Gulf Coast between Florida's Panhandle and Louisiana.
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PINAR DEL RIO, Cuba - Hurricane Ivan whipped western Cuba with 257-kilometre-an-hour winds, ripping the roofs of tobacco barns and houses and drenching fields before moving into the Gulf of Mexico today, threatening offshore oil rigs and setting off an
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Oil prices headed up toward &#36;45 a barrel on Wednesday as Hurricane Ivan shut 60 percent of crude output in the Gulf of Mexico and at least five refiners along the U.S. coast planned to close as a precaution.
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Hurricane Ivan spared the critical Gulf Coast refining belt, but oil prices rose anyway Thursday on fears a new storm brewing in the Caribbean will delay tankers carrying imported crude to U.S. ports.Ivan swept east of major refineries, tank farms and other facilities in Louisiana and Texas. It also bypassed the biggest concentrations of offshore oil and gas production platforms in the Gulf of Mexico.ChevronTexaco's Pascagoula, Miss., refinery was the closest to the hurricane's path and remained closed Thursday. "The preliminary (damage) assessment is somewhat positive," said spokesman Steve Renfroe, who said the company had not determined when it could restart the plant.But on Ivan's heels Tropical Storm Jeanne knocked out a portion of production at a refinery in the U.S. Virgin Islands and barreled toward Puerto Rico.As a result, oil for October delivery rose 30 cents to &#36;43.88 a barrel on the New York Mercantile Exchange.Energy companies feared Ivan would make landfall in Louisiana or Texas and damage refineries there. The Gulf Coast accounts for nearly half of U.S. daily refining capacity of 16 million barrels. U.S. refiners are running near capacity to build stocks of winter heating fuels."The industry dodged a bullet in that the storm was really a couple of hundred miles east of refinery row (north of New Orleans) up the Mississippi River," said Jeff Dietert, refining industry analyst at Simmons &amp; Co. He said precautionary closures eliminated about 1.5 million barrels of gasoline and other products from the daily total.One of the nation's most important pipelines, the Capline carrying imported crude from New Orleans to Patoka, Ill., for Midwest refiners, was undamaged, said Shell, operator of the line.Still, Dietert predicted higher futures prices for oil and gasoline - and ultimately for consumers - after the government reports data on fuel stockpiles next week. That report will show how much oil companies and their customers have drawn from crude and gasoline inventories to make up for deliveries delayed by Ivan and Jeanne.Colm McDermott, analyst at energy research firm John S. Herold, said consumers might escape without much pain. If the impact of the refinery closures and delivery delays is short-lived, wholesalers, retailers and others in the supply chain might eat price increases rather than pass them on.Reuters reported that Ivan forced the shutdown of eight refineries, or 13% of U.S. capacity. Half of those were restarting Thursday.Offshore, Shell and other producers were flying work crews back out to some evacuated oil and gas platforms and doing aerial damage assessment of others.Shell said its refining and chemical plants in Louisiana had restarted or were never shut down. A Mobile, Ala., chemical plant remained closed, it said.
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World oil prices surged nearly 4  percent on Friday on worries the U.S. hurricane season would  continue to hamper energy production and imports in the Gulf of  Mexico, delaying vital stock-building ahead of winter.
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U.S. integrated oil company Marathon Oil Corp.  on Tuesday reported a fall in quarterly profit, as hurricanes and disruptions in oil and gas production outweighed record prices for crude oil.