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Oil prices hit $60 as storms stoke fears - Yahoo! News

by cindy | July 5, 2005 at 04:08 pm

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NEW YORK (Reuters) - Oil prices jumped on Tuesday as tropical storms threatening the Gulf of Mexico added to worries that supplies will fail to build in time for peak fourth-quarter demand.

U.S. oil prices settled 84 cents higher at $59.59 a barrel after touching $60.10. The gain came on top of a rally late last week that halted a fall from the all-time high of $60.95 on June 27. Brent crude in London rose 35 cents to $58.29 a barrel, extending gains from Monday when the U.S. market was shut for Independence Day.

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debwire

at 19:24 on July 5th, 2005

According to this article:

Tropical Storm Cindy was causing a little more than 350 MMcf/d of confirmed shut-ins (and likely more) as it moved northward Tuesday toward the central Gulf Coast. However, signs were surfacing that Cindy's impact to gas interests would be both fairly minimal and fleeting, much like Tropical Storm Arlene's impact last month.

but . . .

Although Cindy was of most immediate concern to Gulf of Mexico (GOM) producers, the Weather 2000 consulting firm thinks Dennis may be the greater of two evils, as it expects Dennis to enter the Gulf as the first hurricane of the 2005 Atlantic season.

and