Suitably Flip

Oil's Big, Big End of Summer Clearance Sale

Got crude?  Suddenly, it's seeming very passe.  Very last season.  It's dragged down another 1.5% today, languishing just over $67.50 a barrel.

But beyond the close of summer driving season, a bundle of factors are nicely plaguing energy prices.

Oil prices fell Wednesday with the close of the high-demand summer driving season in the U.S. and as traders expect OPEC, which meets next week, to maintain current output levels.

Tropical Storm Florence formed far out in the open Atlantic and could strengthen into a hurricane by the weekend, but forecasters said Wednesday it was too soon to tell if it would reach the United States.

Further easing supply concerns, Shell Exploration & Production Co., a unit of Royal Dutch Shell PLC, said its Mars platform in the Gulf of Mexico, which was heavily damaged by Hurricane Katrina, is now pumping 190,000 barrels of oil equivalent per day, or 20 percent more than before last summer's storm.

Add that to yesterday's reserve-swelling news about some very oily ridges in the Gulf of Mexico and some cautious optimism about the rest of the hurricane season, and we've got a genuine pull-back underway.

Don't believe me?

Just ask previous me:
Walker Ridge - Get Ready To Love These Words
Crude Watch
Coming In November: Falling Oil, Economic Bliss, Some Elections
Had Enough, Crude?  Yeah, You Stay Down.
Oil Tanks Again

Comments

Oil's Big, Big End of Summer Clearance Sale

Got crude?  Suddenly, it's seeming very passe.  Very last season.  It's dragged down another 1.5% today, languishing just over $67.50 a barrel.

But beyond the close of summer driving season, a bundle of factors are nicely plaguing energy prices.

Oil prices fell Wednesday with the close of the high-demand summer driving season in the U.S. and as traders expect OPEC, which meets next week, to maintain current output levels.

Tropical Storm Florence formed far out in the open Atlantic and could strengthen into a hurricane by the weekend, but forecasters said Wednesday it was too soon to tell if it would reach the United States.

Further easing supply concerns, Shell Exploration & Production Co., a unit of Royal Dutch Shell PLC, said its Mars platform in the Gulf of Mexico, which was heavily damaged by Hurricane Katrina, is now pumping 190,000 barrels of oil equivalent per day, or 20 percent more than before last summer's storm.

Add that to yesterday's reserve-swelling news about some very oily ridges in the Gulf of Mexico and some cautious optimism about the rest of the hurricane season, and we've got a genuine pull-back underway.

Don't believe me?

Just ask previous me:
Walker Ridge - Get Ready To Love These Words
Crude Watch
Coming In November: Falling Oil, Economic Bliss, Some Elections
Had Enough, Crude?  Yeah, You Stay Down.
Oil Tanks Again