Oil traders calmed after Hurricane Dennis created minimal problems for offshore rigs after initial predictions had those investors worried. Light sweet crude on the August contract slides down ever so slowly to $58.10 in midmorning trading.
Oil Prices Change Direction As Dennis Projection Shifts
August contract light sweet crude dropped its rally on Friday aft Hurricane Dennis projections moved the storm away from oil platforms in the Gulf of Mexico. The prices closed at $59.63 a barrel after climbing to $61.90 during the day. Brent crude traded in the IPE in London dropped $1.10 to $58.20.
Oil Traders Remember Dennis the Menace
Light sweet crude prices started cranking out hits this morning in a rally that’s taken the price back up to $61.75 and gas prices will make you squeal as they hit $1.86 in morning trades. Brent Crude is back up over $60 on the IPE in London this morning. Traders shook off the bombing because they’re much more scared of Dennis.
Discoverys Final Obstacle: Dennis
The Space Shuttle Discovery is slated to lift off on July 13th, next Wednesday. Dennis may delay that launch though as the category 4 hurricane makes its run through Cuba. The shuttle has overcome many obstacles to get back into space but Mother Nature may yet play a part as this story continues to unfold.
Dennis Doin The Nasty: Workin On A Hurricane
As the Gulf Coast of the U.S. deals with the remnants of Tropical Storm Cindy, Dennis continues to cut through the Caribbean. The pubescent storm looks like it’s going to grow up and become a great big category 3 hurricane.