Oil at $70 as cyclone nears Mideast Gulf

[AnOhioan]

Source: Reuters

LONDON (Reuters) - Oil surged above $70 on Monday on news a cyclone was headed toward the oil-producing Arabian peninsula with the potential to disrupt shipping and output.

Top exporter Saudi Arabia said it expected its oil facilities to escape unscathed from the gathering storm. Fellow OPEC member the United Arab Emirates also appeared to be outside the path of the storm, a shipping agent said.

Minor oil producer Oman put its army and police on high alert, however, and warned the population of very high waves when winds of up to 205 km (127 miles) per hour reached land.

London Brent crude, currently seen as a better gauge of the global market than U.S. oil, was up $1.33 cents at $70.40 at 2:30 p.m. EDT, off a session high of $70.63.



Read more: http://news.yahoo.com/s/nm/20070604/bs_nm/markets_oil_dc

[snappyturtle]

1. It's not nice to fool Mother Nature....she's getting even for all

the harm humans have inflicted on this earth.

[srulifsonmiles]

2. yes she will

bring it all around

or he, whichever your preference

signed, a systems theorist

:woohoo:

[williesgirl]

3. Latest excuse for gouging all of us.

[Thor_MN]

4. Shouldn't change the price of gasoline at all.

It's all about refinery production right? In this runup, they kept saying that crude prices didn't make a difference...

[Psephos]

6. For a rough guide to the impact of oil prices vs. refinery issues, watch the price of diesel fuel

The spread has been about 60 cents a gallon where I live.

[daleo]

5. The aircraft carrier U.S.S. Cyclone?

Whoops, that's a different part of the middle east.

[uppityperson]

7. This article says "it's an excuse, as opposed to a reason, for rise in prices"

http://www.pr-inside.com/oman-evacuates-eastern-island-as-powerful-r143801.htm

Oman evacuates eastern island as powerful storm approaches

MUSCAT, Oman (AP) - Government authorities started evacuating nearly 7,000 people from an eastern Omani island Monday in response to a powerful cyclone headed toward the country, said a senior government official...(cut to interesting line)

Oil prices edged upward Monday as the storm headed toward the oil-rich Persian Gulf area, but Tom Kloza, chief oil analyst at the Oil Price Information Service, doubted the increases could really be attributed to Gonu.

«I don't know if you can really attribute any of the gain to the cyclone,» he said. «It's an excuse, as opposed to a reason, for the rise in prices.»

To reassure both its people and the oil markets, Saudi Arabia's government issued a statement Monday saying the cyclone would have no «direct effect on the central and eastern parts of the kingdom.

[12345]

8. For another perspective...

http://www.theoildrum.com/node/2623

[Harper_is_Bush]

9. Hope gas prices in US rise significantly due to this. n/t

[Eugene]

10. Storm won't hit Saudi oil hub, Oman on high alert

Source: Reuters

Storm won't hit Saudi oil hub, Oman on high alert
04 Jun 2007 16:31:06 GMT
Source: Reuters

(Adds landfall seen within 30 hours, paragraphs 5-6)

RIYADH, June 4 (Reuters) - The world's top oil exporter Saudi
Arabia said on Monday its main oil-exporting region would not be
affected by a storm nearing the Arabian Peninsula, but southern
neighbour Oman put its army and police on high alert.

"There will not be a direct effect from the Gonu storm in the
central and eastern regions of the kingdom," said Saudi state-run
al-Ikhbariya television in a flash citing the weather service of
the leading OPEC producer.

Oman called on people living in areas at risk to leave before the
cyclone reaches land, the official ONA news agency said. Oman's
weather service warned of winds of 185 km-205 km (114-128 miles)
per hour causing "very high waves".

-snip-

Read more: http://www.alertnet.org/thenews/newsdesk/L04279107.htm

---

Related: Super cyclonic storm Gonu - Tropical Storm Risk

[BadgerKid]

11. Hurricane imagery

Props to http://hurricane.methaz.org/tracking for the latter.

[jollyreaper2112]

12. WTF?

Do they typically get cyclones there?!

[cliss]

13. Whow, what a monster.

That thing looks like it's headed straight for Pakistan?!?!?!?

[ColonelTom]

14. Here's hoping it (unlike us) finds Osama Bin Laden n/t

[TheWatcher]

15. Which one, The Fat Bin Laden Or The Skinny Bin Laden?