The Associated Press reported today August 15, 2007 and Forbes Magazine posted it on their Internet website saying that energy futures jumped on growing concern that two tropical storms - one that could become a hurricane - might threaten gas and oil installations in the Gulf of Mexico. This was a continuation of the story that began on Friday, as we saw today that light, sweet crude for September delivery rose $1.57 to $73.95 a barrel on the New York Mercantile Exchange, and September gasoline rose 4.91 cents to $2.0229 a gallon.
In other New York Mercantile trading, heating oil futures rose 6 cents to $2.0425 a gallon, and natural gas prices gained 14 cents at $7.08 per 1,000 cubic feet, but that natural gas price will take a while to trickle down to the well owners.
The oil and gas day traders appeared to be more concerned about the weather than the government's petroleum inventories report, even though the petroleum inventory report showed larger-than-expected draws, withdrawals on crude and gasoline United States inventories last week.
The United States Energy Department's Energy Information Administration said oil refinery utilization rose 0.5 percentage points to 91.8 percent of capacity in the week ended Aug. 10, exactly in line with the expectations of analysts surveyed by Dow Jones Newswires.
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