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Energy Futures Rise on Storm Fears

Energy futures surged this morning on concerns that Tropical Storm Dean will turn into a hurricane and strike oil and gas installations in the Gulf of Mexico, according to the Associated Press.
Prices got a late morning boost when a second tropical depression, located in the Gulf south of Texas, strengthened and was upgraded to Tropical Storm Erin.

The storms overshadowed a weekly inventory report from the Energy Department's Energy Information Administration that usually sets the tone for several days of trading. Traders worry that Dean, bearing down on the Caribbean from the central Atlantic, will damage oil and gas infrastructure in the Gulf, cutting supplies. While Erin was also supporting prices, it is not expected to have much impact on production.

Posted by Peter C. T. Elsworth  at 12:55 PM to Oil | Permalink

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