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Oil Falls Below $120 on Signs Storm Won't Harm Gulf Facilities Aug. 4 (Bloomberg) -- Crude oil fell below $120 a barrel for the first time since May amid speculation that Tropical Storm Edouard won't cause disruption to most offshore oil facilities as it approaches the coast of Texas.Edouard, which may reach hurricane strength tomorrow, hasn't shut significant oil output in the U.S. Gulf of Mexico. The storm is on a course for Galveston, Texas, the biggest U.S. petroleum port, and may pass close to Exxon Mobil Corp.'s Baytown oil refinery as well as BP Plc's Texas City plant.``A lot of the fear about something really affecting those rigs appears to have slackened,'' said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut. ``The threat is that there's a large enough amount of rainfall that those refineries could be affected for a while.''Crude oil for September delivery fell $5.34, or 4.3 percent, to $119.76 a barrel at 11:42 a.m. on the New York Mercantile Exchange. New York oil futures have slipped more than $28 a barrel from the record $147.27 on July 11 as U.S. gasoline demand slowed, and a stronger dollar reduced the attraction of commodities as an investment. Oil touched $119.50 a barrel, the lowest since May 6.Edouard, with maximum wind speeds of 45 miles (75 kilometers) an hour, may strengthen as it moves west, parallel to the Louisiana coast, before reaching the Texas shore tomorrow, the Miami-based National Hurricane Center said. There is a 20 percent chance it will strengthen to a hurricane before striking land.More
Ha! My wife is suppose to go to Houston Wednesday. She doesn't want to go. Personally, I'd like to go.
Quote from: Lord Undies on August 04, 2008, 11:55:37 AMHa! My wife is suppose to go to Houston Wednesday. She doesn't want to go. Personally, I'd like to go. It will be past by then
