|
Prices
NYMEX Futures Prices
(for October delivery) |
9/10/2008 |
Pre-Gustav
8/29/2008 |
change |
Week Ago
9/3/2008 |
Year
Ago
9/10/2007 |
| WTI Crude
Oil ($/Bbl) |
102.58 |
115.46 |
-12.88 |
109.35 |
77.49 |
| Gasoline RBOB*
(c/gal) |
266.16 |
285.42 |
-19.26 |
276.68 |
197.86 |
| Heating Oil
(c/gal) |
290.24 |
319.19 |
-28.95 |
307.88 |
217.16 |
| Natural Gas
($/MMBtu) |
7.39 |
7.94 |
-0.55 |
7.26 |
5.89 |
| *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 10, the Minerals Management Service was reporting that 1.25 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 10:00 am EDT (9:00 am CDT), September 10, the Department of Energy reported that the only refinery in the Gulf of Mexico region that remains shutdown is the ConocoPhillips refinery at Belle Chasse, LA, with a capacity of 247,000 barrels per day of capacity. Another 11 refineries have reduced their crude oil throughput.
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 $13 per barrel lower, while gasoline (RBOB) and heating oil were about 19 cents and 29 cents per gallon lower, respectively, at the close of trading on Wednesday, September 10. Market analysts and traders may likely start 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 10, the Minerals Management Service was reporting that about 5.4 billion cubic feet per day (or over 70 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 7 am EDT (6 am CDT) September 10, three pipelines have no gas flow from offshore points as a result of Hurricane Gustav. In addition, four pipelines have shut-in their systems in preparation for Hurricane Ike. The DOE also reported that as of 11 am EDT (10 am CDT) 24 natural gas processing plants have resumed operations at either reduced (14 plants) or normal levels (10 plants). Three processing plants are capable of restarting operations once power is restored and/or gas flow from upstream commences. In addition, four plants remain shut down, including one plant that is undergoing scheduled maintenance. Natural gas producers, pipelines and processing plant operators are closely monitoring Hurricane Ike and some facilities are shutting down operations in advance of the approaching storm.
Also see:
Hurricane Situation
Reports from DOE's Office of Electricity Delivery & Energy
Reliability
STEO Hurricane Analysis (pdf)
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