Oil Falls as Supplies Increase, Isaac Makes Landfall |
| Bloomberg - Aug 29, 2012 |
Oil fell after U.S. crude stockpiles unexpectedly gained and Hurricane Isaac made landfall, reducing the threat to offshore platforms and rigs in the Gulf of Mexico.
Futures dropped 0.9 percent after the Energy Department said stockpiles increased 3.78 million barrels to 364.5 million. Supplies were forecast to decrease 1.75 million barrels. Gasoline inventories declined to a three-month low. Isaac struck the coast of southeastern Louisiana, shutting refineries and production facilities.
“We moved lower on the inventory gain,” said Marshall Berol, co-portfolio manager of the Encompass Fund in San Francisco, which has about $300 million in assets. “We’re now focused on Isaac. We’re now going to be concentrating on how soon things will return to normal.”
Crude oil for October delivery declined 84 cents to settle at $95.49 a barrel on the New York Mercantile Exchange. Futures have fallen 3.4 percent this year.
Gasoline for September delivery slipped 2.58 cents, or 0.8 percent, to settle at $3.1003 a gallon on the Nymex. Prices surged to $3.1548 on Aug. 27, the highest close since April 30, as U.S. Gulf Coast refineries shut with the approach of Isaac and a fire in Venezuela closed the Amuay refinery, the nation’s largest.
Read Full Article from Bloomberg
- Posted: 2012-08-29 15:32:31
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