30 August 2012 21:09 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for October delivery settled at $94.62/bbl on Thursday, down 87 cents as Isaac was downgraded to a tropical storm and energy companies in the Gulf coast region prepared for gradual restoration of operations.
Offshore producers, refiners and processing plants were inspecting for damage in order to evaluate the timetable to restore power, if lost, and resume operations.
The Department of Energy has been keeping an eye on price movements and tapping into the Strategic Petroleum Reserve (SPR) remained an option, but no announcements have been made.
Attention was switching to the central bankers’ conference in Jackson Hole, Wyoming, for hints of economic stimulus to influence the US dollar and boost demand for commodities.
WTI established an intra-day low of $93.95/bbl before recouping a portion of the losses.
ICE Brent for October delivery managed to outperform its American counterpart, bottoming out at $112.25/bbl and settling at $112.65/bbl, up 11cents.
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