02 September 2008 08:33 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude fell by more than $4/bbl on Tuesday on easing fears of Hurricane Gustav’s threat to key oil facilities in the US Gulf.?xml:namespace>
At 06:15 GMT, October NYMEX light sweet crude futures were trading at $110.86/bbl, down $4.60/bbl on Monday’s close.
At the same time, October Brent on ?xml:namespace>
The US National Hurricane Center downgraded Gustav to a category one storm as it made landfall near Port Fourchon,
Maximum sustained wind speeds have decreased to 45 miles/hour (75 km/hour), from earlier reported speeds of 115 miles/hour with continued weakening forecast, the centre said, adding Gustav was expected to become a tropical depression later on Tuesday.
Commitments by the
Meanwhile, oil, gas and petrochemical companies with facilities in the vicinity of the storm had already prepared plans to determine if they had been damaged during the extreme weather conditions.
“As soon as it is safe, ExxonMobil will begin its post-storm assessment process to determine if and how any of our
Exxon’s chemicals facility in
Rival firm Chevron was operating its
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