Oil – Reuters reported that prices for Brent oil futures and US crude both increased due to continued expectations of QE3, although they were curbed by higher August OPEC production and increased US production following Hurricane Isaac.
Gas – Reuters reported that US natural gas futures were brought up a report indicating that this week government inventories of natural gas increased less than expected. Inventory additions are expected to be similarly decreased next week.
Gas – The Wall Street Journal reported that warmer weather and the possibility of lower-than-average storage due to Hurricane Isaac brought natural gas for October delivery up 2 percent — to $2.854 per million British thermal units — on the NYMEX.
Oil – Reuters reported that a decline in construction spending in July and weak August US manufacturing data led to a drop in oil prices. However, the decrease in price was checked somewhat by the restart of some Gulf of Mexico operations following Hurricane Isaac.
Oil – Reuters reported that Hurricane Isaac, the first hurricane to touch down on the United States this year, has moved on, allowing major offshore oil drillers to bring staff back to oil platforms in the Gulf of Mexico.
Oil – Reuters reported that Hurricane Isaac landed late Tuesday and has caused flooding in Southern Louisiana, though as yet has not damaged refineries or offshore oil and gas platforms. 93 percent of offshore Gulf oil is still out of commission.
Oil – The Wall Street Journal reported that oil futures gained following the announcement that the International Energy Agency is unlikely to release strategic oil reserves and news that Hurricane Isaac has shut down most oil output in the Gulf of Mexico.
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