Home >> Stock Forums >> Oil futures up due to Hurricanes

Oil futures up due to Hurricanes

lil dickie said: "The price of oil futures are up as people worry about what the [url=http://biz.yahoo.com/ap/070903/oil_prices.html?.v=5]hurricanes[/url] may do to oil production. [quote] Still, the National Hurricane Center in Miami advised workers on oil platforms in the Gulf of Mexico to monitor the progress of Felix and said the storm could reach the area in four to five days. Rebecca Waddington, a meteorologist with the center warned that both hurricane Felix and tropical storm Henriette could shift course. "Even if the forecast is perfect, that's only forecasting where the center of the storm is going to go," she said. "So everyone in the area needs to be aware of it, because the storms are quite large." Light, sweet crude for October delivery on the New York Mercantile Exchange rose 47 cents to $74.51 a barrel in electronic trading by evening in Europe. Oil prices have also been supported by U.S. government reports that consumer spending and factory orders rose in July. Energy investors pay close attention to economic data because an economy's strength is seen as a barometer of demand for oil and gasoline.[/quote] A bad hurricane could take down a refinery. Someone with futures could make bank."

Pb3190 said: "If anything like Katrina happens again those with futures will be filthy rich... Tha demand for gasoline after that caused the gas stations in my area to sell out. Some places got in trouble for raising their prices. Anyway, does anyone on this forum have oil futures?"

AlfredSokol said: "I think this is a great play in a sense. The price is bound to go up on speculation anyway."