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Tue, Sep 02, 2008

Oil Prices Hit Four-Month LOW In Monday Trading

Say Again, Tower?

Well, here's a bit of welcome news for a change! Oil prices slid to four-month lows Monday, closing at $110 per barrel in London trading as speculators showed confidence Hurricane Gustav represented little threat to oil rigs and production facilities in the Gulf of Mexico.

"Crude prices have pulled back since opening higher, as market participants believe the impact from Hurricane Gustav ... will not be as bad Hurricane Katrina" on oil rigs and production facilities, analyst Nimit Khamar told Agence-France Presse.

Trading in the world's other top oil markets was also down. New York prices slid to under $110, before closing at $111.39 per barrel -- over four dollars lower than Friday's prices.

"The market seems to be of the opinion that the industry is more prepared for such events following the damage wrought during the 2005 hurricane season," Barclays Capital analyst Kevin Norrish said Monday. The Gulf accounts for about 1/4 of total oil production in the United States.

Oil prices have been on a welcome nadir since reaching prices as high as $147 this summer, due largely to decreased demand. Alas, that leads to a new concern -- that the Organization of Petroleum Exporting Countries will cut production, in order to keep prices from falling below $100 per barrel.

On Monday, several members of OPEC said they will likely vote to keep production at current levels, when the cartel meets next week.

"Probably, we will do nothing," added the head of the Libyan national oil company, Shukri Ghanem. "We think the market is well supplied, if not oversupplied."

And hey, if you can't trust OPEC... right?

FMI: www.opec.org

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ANN's Daily Aero-Term (11.28.25): Unmanned Aircraft System (UAS)

Unmanned Aircraft System (UAS) An unmanned aircraft and its associated elements related to safe operations, which may include control stations (ground, ship, or air based), control>[...]

ANN's Daily Aero-Linx (11.28.25)

Aero Linx: Cactus Fly-In The Classic Airplane Association of Arizona, Inc. (CAAA) was incorporated in Arizona as a not for profit corporation on January 10, 2014. The CAAA roster i>[...]

Airborne 11.21.25: NTSB on UPS Accident, Shutdown Protections, Enstrom Update

Also: UFC Buys Tecnams, Emirates B777-9 Buy, Allegiant Pickets, F-22 And MQ-20 The NTSB's preliminary report on the UPS Flight 2976 crash has focused on the left engine pylon's sep>[...]

Airborne 11.26.25: Bonanza-Baron Fini, Archer v LA NIMBYs, Gogo Loses$$$

Also: Bell 505 on SAF, NYPA Gets Flak For BizAv 'Abuse', FAA Venezuela Caution, Horizon Update Textron Aviation has confirmed it will be ending production of the Beechcraft Bonanza>[...]

Airborne-NextGen 11.25.25: EHang Manned Flt, Army UAVs, Starship V3 Booster Boom

Also: FedEx SAF, Archer Midnight Powertrain Tech, Rocket Lab Record, Perseverance Rover Find EHang has logged a major milestone in the development of its pilotless air taxi, loggin>[...]

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© 2007 - 2025 Web Development & Design by Pauli Systems, LC


Debugging Information
ColdFusion Server Enterprise 2023,0,16,330828
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Locale English (US)
User Agent Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)
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Total Time Avg Time Count Template
89 ms 89 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/Application.cfc | onRequest(/FullsizeImage.cfm) ] from C:/inetpub/wwwroot/clients/aero-news.net/Application.cfc
88 ms 88 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/parsed/main.textpost.cfm
60 ms 60 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/model/main/actTextPost.cfm
7 ms 7 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/view/layout/dspWidgets.cfm
7 ms 7 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/Application.cfc | onRequestStart(/FullsizeImage.cfm) ] from C:/inetpub/wwwroot/clients/aero-news.net/Application.cfc
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3 ms 3 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/model/main/actWidgets.cfm
2 ms 2 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/view/layout/widgets/widget_234BannerZone.cfm
2 ms 2 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxApplication.cfc | compileRequest(main.textpost, CFC: fckeditor.fb551.fusebox5.myFusebox) ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxApplication.cfc
1 ms 1 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/fusebox.init.cfm
1 ms 1 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/model/main/qryNewscats.cfm
1 ms 1 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/model/main/qryTextPost.cfm
1 ms 1 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/view/display/dspTextPost.cfm
1 ms 1 ms 1 C:/inetpub/wwwroot/clients/aero-news.net/view/layout/widgets/widget_topvideos.cfm
1 ms 1 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/Application.cfc | onRequestEnd(/FullsizeImage.cfm) ] from C:/inetpub/wwwroot/clients/aero-news.net/Application.cfc
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0 ms 0 ms 13 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/components/utils.cfc | RandomNumber() ] from C:/inetpub/wwwroot/clients/aero-news.net/components/utils.cfc
0 ms 0 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/components/utils.cfc | tagstripper(<h2>Say Again, Tower?</h2>

Well, here's a bit of welcome news for a change! Oil prices slid to four-month lows Monday, closing at $110 per barrel in London trading as speculators showed confidence Hurricane Gustav represented little threat to oil rigs and production facilities in the Gulf of Mexico.

) ] from C:/inetpub/wwwroot/clients/aero-news.net/components/utils.cfc
0 ms 0 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxAction.cfc | getAccess() ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxAction.cfc
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0 ms 0 ms 2 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxApplication.cfc | getCoreToAppRootPath() ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/fuseboxApplication.cfc
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0 ms 0 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc | getSelf() ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc
0 ms 0 ms 1 CFC[ C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc | init(fusebox, [complex value], [complex value]) ] from C:/inetpub/wwwroot/clients/aero-news.net/fb551/fusebox5/myFusebox.cfc
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