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The delivery committee of the New York Mercantile Exchange, Inc., convened this morning to review deliveries in progress related to the NYMEX Division natural gas futures contract for August 2005. Based upon the shutdown and force majeure declaration by the Sabine Pipeline, which operates the Henry Hub facility in Louisiana, all remaining delivery obligations in the August contract month are operating under force majeure considerations subject to NYMEX rule 220.18. The committee is currently in contact with Sabine regarding handling of any outstanding delivery obligations as expressly prescribed in NYMEX rule 220.18, section (C)(6). All market participants with any outstanding...

US crude oil prices surged to a new record high of above 70 US dollars a barrel in opening trade on Monday amid concerns about supply shortages caused by coming Hurricane Katrina. Oil futures on the New York Mercantile Exchange soared to 70.8 dollars a barrel, beating the previous record of 68 dollars set last week, after producers and refiners shut down operations ahead of the Category 5 hurricane. Katrina, measured as one of the four strongest storms on record, was expected to hit land at sunrise on Monday. Seven southeast Louisiana refineries with a combined daily capacity of...

SINGAPORE, Aug 29 (Reuters) - U.S. crude oil futures surged more than $4 in opening trade on Monday, hitting a new record high above $70 a barrel after Hurricane Katrina forced Gulf of Mexico producers to shut in more than a third of their output. Katrina, which strengthened into a rare, maximum power Category 5 hurricane as it spun through key oil and gas fields toward New Orleans, shut in a total 633,000 barrels per day (bpd), according to company figures on Sunday. It also forced the closure of seven refineries and a major U.S. crude import terminal. Crude oil...

NEW YORK (AFX) - Crude oil futures surged to an all-time record high Wednesday of $67.30 usd per barrel in New York, as supply fears were heightened by Tropical Storm Katrina in the Gulf of Mexico. The price hit at 1830 GMT eclipsed the prior record of $67.10 usd hit earlier this month. The market was digesting a mixed set of data on US inventories showing increases in crude oil but lower gasoline stockpiles. The mixed data 'sort of canceled each other out,' said Marshall Steeves at Refco. 'The market was already up before the inventories data.' Traders were watching...

Crude-oil futures rose Wednesday after U.S. petroleum data showed drivers' strong demand for fuel cut into gasoline supplies, although crude stocks rose. Crude oil inventories grew by 300,000 barrels last week to 321.1 million barrels, or 11 percent above year-ago levels, according to U.S. Department of Energy data released Wednesday. But the nation's supply of gasoline fell by 5 million barrels, putting inventories at 198.1 million barrels, or 12 percent below last year. Analysts had been expecting a rise in both crude and gasoline stocks. The Department of Energy said that over the past four weeks, motor gasoline demand...

Crude oil futures hit more record highs Monday, nearing US$64 a barrel, reflecting market fears over the U.S. embassy closure in Saudi Arabia and concerns that shutdowns of U.S. oil refineries would reduce supply. Light, sweet crude for September delivery rose to a high of US$63.95 on the New York Mercantile Exchange before falling back a bit to US$63.75, up US$1.44 at midday. Prices had settled at US$62.31 a barrel on Friday, a record close for crude since Nymex trading began in 1983. "The market clearly has the jitters," said Deborah White, energy analyst at SG Securities in Paris....

SINGAPORE (Reuters) - Oil rose above $62 a barrel on Wednesday, just shy of its record high, as expectations of tight U.S. supplies and disruptions added to concern over the long-term stability of Saudi Arabia after the death of King Fahd. U.S. light sweet crude for September delivery was up 16 cents at $62.05 a barrel in Asian trade, within striking distance of the all-time peak of $62.30 set on Monday, after hitting a high of $62.08. London Brent crude was at $60.83 a barrel, up 21 cents from Tuesday and also near its record high of $60.98. The firmer...

SINGAPORE (Reuters) - Oil prices rose above $60 on Friday to their highest level in more than two weeks as refinery fires in the United States revived fears of tight supplies. U.S. light sweet crude for September delivery was up 45 cents to $60.39 a barrel in Asian trade, off an earlier high of $60.42 triggered by news of a fire at BP's giant Texas City refinery, the country's third-largest. Prices were just 2.7 percent below record-highs of $62.10. London Brent crude was up 50 cents to $59.26 a barrel. BP said the fire at a 60,000 barrel-per-day (bpd) residual...

SINGAPORE (Reuters) - Oil prices slid below $59 a barrel on Monday as worries about damage to U.S. oil and gas facilities eased following the passage of Hurricane Dennis. U.S. crude for August delivery fell 75 cents to $58.88 a barrel, extending losses of $1.10 on Friday. London's Brent crude shed 83 cents to $57.37 a barrel. "People perceived that the hurricane may not be as damaging as Hurricane Ivan. That's why people are taking profits, but the true extent of the damage is not known yet," said Tony Nunan, a manager at Mitsubishi Corp.'s international energy business. Hurricane Dennis...

WASHINGTON - Oil prices fell below $60 a barrel on Friday, reversing course late in the day as traders booked profits following a runup predicated on the fear of hurricane-related supply disruptions. Early on, crude futures prices rose as high as $61.90 per barrel on the New York Mercantile Exchange, with traders shrugging off the shock of the London bomb blasts and focusing instead on Hurricane Dennis' approach in the Gulf of Mexico. Traders fear a repeat of last year's Hurricane Ivan, which damaged oil platforms and resulted in months of lost production in the region.But the rally lost steam...

SINGAPORE (Reuters) - Oil prices jumped to a record high above $61 on Thursday as the year's first hurricane threatened already reduced U.S. Gulf production, stoking fears that an active storm season would hamper winter stock-building. U.S. light sweet crude for August delivery hit a high of $61.63 a barrel in early Asian trade, having broken above $61 for the first time on Wednesday. It was trading at $61.51 by 0734 GMT, up 23 cents. Brent crude oil in London climbed 22 cents a barrel to $60.07 after hitting a record high at $60.26. Oil prices have gained some 9...

London: Oil prices may increase to US$80 a barrel this year, options contracts on the New York Mercantile Exchange show. Investors are speculating the Organisation of Petroleum Exporting Countries (Opec) would not produce enough oil to compensate for any disruption to supplies. New York Mercantile Exchange data show 6,900 options contracts outstanding that allow buyers to purchase oil for December delivery at US$80 a barrel, compared with an average of 77 contracts in January. There is a 21% chance that oil will top US$75 when the December contract expires, according to Adam Sieminski and Michael Lewis, strategists at Deutsche...

LONDON (Reuters) - Oil prices held above $60 a barrel on Tuesday as speculators sought to test the resilience of strong world demand and as Iran's presidential election sowed fresh geopolitical worries. U.S. crude futures, which hit a record $60.95 on Monday, were trading 26 cents lower to $60.28 a barrel. Futures closed above $60 the first time since trading started in 1983. London Brent crude slid 33 cents to $58.97 a barrel after hitting a record $59.59 on Monday. Dealers said markets were pausing after U.S. crude crossed the $60 psychological barrier but the bull run would resume. A...

SINGAPORE (Reuters) - Oil prices leapt one percent to a record above $60 a barrel on Monday as robust U.S. demand appeared undaunted by soaring fuel costs, threatening to strain global production capacity later this year. U.S. August crude oil futures traded as high as $60.47 a barrel, up 63 cents, extending a rally that has added 12 percent to prices in two weeks and 39 percent since January. Oil was up 61 cents at $60.45 a barrel by 0216 GMT, surpassing the $60 mark for the first time since it began trading on the New York Mercantile Exchange in...

SINGAPORE (Reuters) - Oil prices soared to a record high above $59 a barrel on Monday, extending last week's surge as a threat against Western consulates in OPEC-member Nigeria jolted traders already worried about tight supplies. Oil climbed more than 9 percent, or nearly $5, last week, drawing buying interest from trend-following hedge funds as prices surpassed the previous early April high. U.S. light crude for July delivery hit a front-month record $59.18 per barrel, before paring gains to stand up 59 cents at $59.06 at 0439 GMT. The August contract rose 62 cents to $59.80 a barrel and contracts...

WASHINGTON - Crude oil prices hit a new high above $58 a barrel on Friday, sustaining a rally built on strong demand for gasoline and diesel and on concerns about refiners' ability to keep up. "This is a pivotal point we're at now," said oil analyst John Kilduff of Fimat USA in New York. "We're one hiccup away from $60."Light sweet crude for July delivery darted $2.02 higher to $58.60 a barrel in late afternoon trade on the New York Mercantile Exchange. That topped the previous intraday high of $58.28 set on April 4 and the market was all but...

SINGAPORE (Reuters) - Oil prices hit their highest level in over 10 weeks on Friday, extending this week's rally to nearly $57 a barrel as demand in the world's largest consumer showed little signs of succumbing to near record fuel costs. U.S. crude oil climbed 36 cents to $56.94 a barrel in early trading, taking this week's gains to over 6 percent. Prices are now at their highest since early April, when the front month contract reached an all-time peak of $58.28. Prices rallied as fresh U.S. data showed consumption of transport fuels was still brisk, raising concerns about refiners'...

SINGAPORE (Reuters) - Oil maintained its steady decline on Monday after OPEC's president said he saw no need to rein in output and oil major Total said it would restart its French refineries after a strike shut five of them. U.S. light sweet crude for July delivery eased 17 cents to $48.48 a barrel in light Asian trade. The June contract expired on Friday after ending down 12 cents at $46.80 a barrel, the lowest front-month closing price in three and a half months. London Brent crude was down 3 cents at $48 a barrel. "OPEC has not shown signs...

SINGAPORE (Reuters) - Oil prices eased on Monday after OPEC pledged to keep pumping at almost full tilt even as crude stockpiles in the United States remained abundant. U.S. crude oil prices shed 22 cents to $48.45 a barrel, after making a shaky recovery on Friday from a three-month low. Prices had fallen almost 17 percent from the record high at $58.28 struck in early April. Brent crude oil edged down 30 cents to $48.36 a barrel, erasing Friday's gains. OPEC president Sheikh Ahmad al-Fahd al-Sabah said on Sunday the cartel was supplying more than 30 million barrels per day...

SINGAPORE (Reuters) - Oil prices plunged below $50 a barrel on Thursday due to persistently high crude stocks in the United States and concerns of slowing global demand growth, while a strengthening dollar looked to spur further selling. U.S. crude fell 58 cents to $49.87 a barrel, after diving to a low of $49.82. Prices are more than 14 percent below the record-high of $58.28 struck in early April. London's Brent crude oil fell 55 cents to $49.52 a barrel. "We saw a larger-than-expected rise in U.S. crude inventories overnight, which is the key to the big fall. There are...