Tropical Depression Raise Oil Fears

From RIGZONE,

The fifth tropical depression of the 2006 Atlantic storm season likely will become a hurricane as it moves into the U.S. Gulf of Mexico early next week, a private weather forecaster said Friday.

“A strong consensus from hurricane tracking models indicate this storm will become a hurricane as it moves into the Gulf early next week and could threaten the Gulf production and rig infrastructure during the later half of next week,” Jim Rouiller, senior energy meteorologist at Planalytics, said in a note.

Oil prices are up close to $74 a barrel on the news.

tropical depression Hurricane Oil Ernesto Mover Mike

Update:

From WFTV.com,

The storm system north of Venezuela doesn’t have a name yet, but it could become Ernesto before the end of Friday, forecasters said.


One Response to “Tropical Depression Raise Oil Fears”

  1. Hi Mike,

    Reading your post made me think of gold and climate change. Are the storms in America becoming more frequent and ferocious?

    If so then they will continue affect oil prices provided supply constraints remain, and that could provide a cause to push gold higher.

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