Storm in Gulf buoys crude price (reason # 835 for higher prices)

[Dover]

Aug. 12, 2004, 7:08AM

Storm in Gulf buoys crude price
Rig evacuations, supply reports converge on oil

By BRAD FOSS

WASHINGTON - Nervousness over potential supply disruptions dominated oil markets Wednesday, partly from announcements that oil companies were abandoning facilities in the Gulf of Mexico because of a tropical storm.


Prices rose despite Saudi Arabia's effort to soothe supply concerns by saying it could immediately boost daily output by 1.3 million barrels.

The Saudi comments briefly drove crude futures sharply lower,

although prices later reversed course and ended four pennies below their all-time high.

Concerns about supply tightness were also reinforced by a report showing U.S. inventories of crude shrank last week....cont'd

http://www.chron.com/cs/CDA/ssistory.mpl/business/2731606


REASON # 836 - BECAUSE WE CAN, SUCKERS!!!

[aneerkoinos]

1. now $45.10/b n/t

[Dover]

2. Well......you know how much we depend on our own oil from the Gulf

to supply this country. And it IS awfully windy!

[Corgigal]

3. They are throwing anything and everything

at the fan to see what sticks. I want this analysis's job. I would at least make up some funny reasons.