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Saturday, September 18, 2004

IVAN THE 'PRETTY BAD'

While Ivan certainly wrought plenty of havoc on the Gulf coast of the U.S., its impact on Gulf oil production was perhaps not as bad as expected. Estimates of lost production ranged from 4 to 5 million bbl. The Gulf normally produces around 1.7 million bbl/d. This hit was hard enough though to push the price of NYMEX light sweet crude futures up to $45.59 bbl at Friday's close. The hit was also hard enough to knock at least one abandoned drilling rig off its moorings. Diamond Offshore said that its Ocean Star rig was last spotted drifting 18km from where its crew left it. Talk about a tough commute . . .

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