|
Prices
NYMEX Futures Prices
(for October delivery) |
9/11/2008 |
Pre-Gustav
8/29/2008 |
change |
Week Ago
9/4/2008 |
Year
Ago
9/11/2007 |
| WTI Crude
Oil ($/Bbl) |
100.87 |
115.46 |
-14.59 |
107.89 |
78.23 |
| Gasoline RBOB*
(c/gal) |
274.88 |
285.42 |
-10.54 |
274.04 |
198.11 |
| Heating Oil
(c/gal) |
291.55 |
319.19 |
-27.64 |
302.37 |
218.27 |
| Natural Gas
($/MMBtu) |
7.25 |
7.94 |
-0.69 |
7.32 |
5.93 |
| *RBOB = Reformulated Blendstock for Oxygenate Blending (RBOB), the base gasoline that needs to be blended with some type of oxygenate, now usually ethanol, to be turned into finished reformulated gasoline (RFG). Ethanol is not blended into the gasoline mixture until just before the gasoline is shipped to the retail stations. |
Petroleum
As of 12:30 pm EDT (11:30 am CDT), September 11, the Minerals Management Service was reporting that nearly 1.3 million barrels per day (or about 95 percent) of the federal portion of the Gulf of Mexico’s crude oil production was shut-in. As of noon EDT (11:00 am CDT), September 11, the Department of Energy reported that the only refinery in the Gulf of Mexico region that remains shutdown following Hurricane Gustav is the ConocoPhillips refinery at Belle Chasse, LA, with a capacity of 247,000 barrels per day of capacity. According to various press reports, another 8 refineries, representing nearly 2.5 million barrels per day of capacity have begun to shutdown in anticipation of Hurricane Ike. Additionally, the Louisiana Offshore Oil Port (LOOP) suspended marine operations for incoming vessels as of the afternoon of September 10.
With most of the petroleum infrastructure returning to normal operations and without any reports of significant damage to any petroleum facilities, oil prices have remained well below pre-Hurricane Gustav levels. Compared to prices before Hurricane Gustav, crude oil for October delivery settled nearly $15 per barrel lower, while gasoline (RBOB) and heating oil were nearly 11 cents and 28 cents per gallon lower, respectively, at the close of trading on Thursday, September 11. Market analysts and traders are keeping a much closer eye on Hurricane Ike, which is expected to make landfall in the Gulf of Mexico region later this week. However, the actual path of Hurricane Ike and the petroleum infrastructure that might be affected, at least temporarily, is still uncertain.
Natural Gas
As of 12:30 pm EDT (11:30 am CDT), September 11, the Minerals Management Service was reporting that about 6.9 billion cubic feet per day (or over 90 percent) of the federal portion of the Gulf of Mexico’s natural gas production was shut-in. The Department of Energy (DOE) reported that as of 9 am EDT (8 am CDT) September 11, there are multiple offshore natural gas pipelines that continue to experience gas flow reductions or complete shut-in of their system because of Hurricane Gustav. As Hurricane Ike approaches the Gulf of Mexico, many natural gas producers, pipeline and processing plant operators are taking advanced precaution to shut down operations. As of 11:15 am EDT (10:15 CDT) September 11, seven processing plants (with total capacity of about 2.3 Billion cubic feet per day) have shut down in advance of Hurricane Ike. Six of the plants are located in Cameron, Louisiana and one is located in Matagorda, Texas.
Also see:
Hurricane Situation
Reports from DOE's Office of Electricity Delivery & Energy
Reliability
STEO Hurricane Analysis (pdf)
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