Crude Oil Is Little Changed as Hurricane Wilma Nears Mexico
Crude oil was little changed amid forecasts Hurricane Wilma, a storm with winds of up to 150 miles per hour (240 kilometers per hour), would hit Mexico’s Yucatan peninsula and then swerve northeast, away from oil and gas rigs.
Forecasts show the storm will reach southern Florida during the weekend, the National Hurricane Center said on its Web site. The path of the storm is moving away from the oil and gas production areas in the Gulf of Mexico, which are recovering from damage caused by earlier Hurricanes Katrina and Rita.
“If the storm direction has not changed, I see no reason why people would get panicky about this,'’ said Rob Laughlin, a senior trader at Man Financial in London. “We’ve seen pre-storm selling in the last couple of storms, and there is no sign of demand coming in at the moment.'’
Oil for November delivery lost 12 cents to $62.29 a barrel in after-hours electronic trading on the New York Mercantile Exchange at 10:35 a.m. London time, after rebounding from a drop of as much as 1 percent.
More: bloomberg.com
Crude Oil Is Little Changed as U.S. Gulf of Mexico Output Drops
Crude oil was little changed, rebounding from the session's lows, after a government report showed that U.S. oil production fell in the Gulf of Mexico.
Oil production was 901,726 barrels below pre-storm levels, almost 5 percent more than reported yesterday, the Minerals Management Service said in a daily report. Prices declined earlier today on an Energy Department report that showed U.S. supplies of crude oil and petroleum products declined less than expected in the wake of Hurricane Katrina.
``There are obviously still some problems out in the Gulf,''
Oil leaps as Wilma menaces Gulf of Mexico
Oil leapt more than $1 yesterday as another tropical storm gathered strength in the Caribbean, menacing US rigs and refineries already rocked by the most active hurricane season in decades.
Tropical Storm Wilma, the 21st named storm this year, could move into the oil-rich Gulf of Mexico by the end of the week, the US National Hurricane Centre said yesterday.
Rising tension in Iran, the world’s fourth-biggest oil producer, also buoyed prices after twin bombings in the southwest oil city of Ahvaz. Tehran blamed the blasts on Britain.
US crude was up $1,14
Hurricane Wilma Scrubs Mexico's MTV Awards
Hurricane Wilma Forces MTV to Postpone Latin American Music Awards; New Date Not Set
The approach of Hurricane Wilma has forced MTV to postpone its Latin American music video awards ceremony, which had been scheduled for Mexico's Playa del Carmen resort.
Dulce Gordillo, MTV's Mexico spokeswoman, confirmed the postponement and said a new date for the show hadn't been set.
The cable network had shifted the program from Thursday to Wednesday to avoid the hurricane, which was forecast to pass close by Mexico's Caribbean coast Friday.
More: abcnews.go.com
Hurricane Wilma heads for Gulf of Mexico
Hurricane Wilma strengthened in the Caribbean Tuesday and headed toward the Gulf of Mexico, where it seemed likely to spare battered U.S. oil and gas fields but threatened storm-weary Florida.
The rapidly intensifying storm also menaced Honduras and Nicaragua with up to 10 inches of rain, compounding the woes of Central America. More than 1,000 people in Guatemala and El Salvador were killed by landslides and floods triggered by Hurricane Stan this month.
Wilma was expected to strengthen into a major hurricane with winds of more than 110 mph by Thursday and its likely
Wilma slams Mexico, threatens Florida
In the early afternoon on Friday, Oct. 21, 2005, Hurricane Wilma was moving slowly northwest with the eye 35 miles off the coast of Cozumel, Mexico on the Yucatan peninsula. The Category 4 hurricane is currently packing 145 mph winds with higher-speed gusts. Wilma is expected to turn northeast toward southern Florida while dropping as much as 40 inches of rain in parts of Cuba along the way.
With Wilma, the Atlantic Ocean's 21st named storm this year, the 2005 season has tied the record for the most named storms in a year. Pressure readings on
TUI cancels trips to Mexico due to Hurricane Wilma, 300 customers affected
TUI AG said it has cancelled all trips to Yucatan, Mexico, until Oct 25 on account of Hurricane Wilma, affecting 300 customers.
It said it will try to offer its customers alternative destinations.
The tour operator currently has around 1,000 guests in Mexico, who will be transported back to Germany as soon as weather conditions allow.
Source: forbes.com
Wilma may become hurricane, heads for Gulf of Mexico
Four of seven major weather models predict Tropical Storm Wilma, which could become a hurricane by Tuesday, will head for the Gulf Coast of Florida.
Earlier Monday morning, most of the models forecast the storm would crash into the Yucatan Peninsula in Mexico or Belize later this week.
By late morning, most of the forecasts showed the storm would turn north toward western Cuba and Florida's Gulf Coast.
The U.S. National Hurricane Center still forecast the storm would graze the northeastern tip of the Yucatan and enter the Gulf of Mexico where it could
In the early afternoon on Friday, Oct. 21, 2005, Hurricane Wilma was moving slowly northwest with the eye 35 miles off the coast of Cozumel, Mexico on the Yucatan peninsula. The Category 4 hurricane is currently packing 145 mph winds with higher-speed gusts. Wilma is expected to turn northeast toward southern Florida while dropping as much as 40 inches of rain in parts of Cuba along the way.
With Wilma, the Atlantic Ocean's 21st named storm this year, the 2005 season has tied the record for the most named storms in a year. Pressure readings on Wednesday broke the record
Hurricane Wilma Approaches Landfall in Mexico
A slow-moving and unpredictable Hurricane Wilma began pounding Mexico this morning with winds of 145 miles an hour (233 kilometers an hour).
"As it stands now, there will be a significant impact from this system over the northeastern coast of the Yucatán Peninsula," said Dave Roberts, a U.S. Navy forecaster at the National Hurricane Center in Miami.
Keith Blackwell, hurricane researcher at the University of South Alabama's Coastal Weather Research Center, said the storm will stall over the peninsula for a day or more.
That stalling will cause massive damage and allow the storm to
Oil leaps as new storm menaces Gulf of Mexico
Oil leapt by $1.50 on Monday as another tropical storm gathered strength in the Caribbean and menaced US rigs and refineries already rocked by the most active hurricane season in decades. Tropical Storm Wilma, the 21st named storm this year, formed from a depression in the Caribbean and could move into the oil-rich Gulf of Mexico by the end of the week, the US National Hurricane Center said on its website.
The last time there were so many named storms was 1933. Vulnerable oil platforms and refineries along the Gulf of Mexico
