By Todd Zeranski
Sept. 1 (Bloomberg) -- Crude oil and gasoline futures rose as Hurricane Gustav approached the Gulf of Mexico, halting most oil and natural-gas output and shutting local refineries.
U.S. companies have idled 96 percent of Gulf of Mexico oil output and 82 percent of natural-gas production, a government report showed.
MOST READ MARKETS STORIES
Crude Oil, Gasoline Advance as Gustav Cuts Production, Refining
Crude oil and gasoline futures rose as Hurricane Gustav approached the Gulf of Mexico, halting most oil and gas output and shutting local refineries.
U.S. Refineries Shut, Slow Operations as Hurricane Gustav Nears
Refineries operated by Valero Energy Corp., ConocoPhillips and Exxon Mobil Corp. are closing as Hurricane Gustav nears the U.S. Gulf Coast, where about 41 percent of U.S. refining capacity is located.
Oil May Rise as Gustav Threatens U.S., Survey Shows
Crude oil may rise next week on forecasts that Hurricane Gustav will strike production platforms in the Gulf of Mexico.
Natural Gas May Rise Next Week on Storm Threat, Survey Shows
Natural gas may rise next week on an outlook for storms in the Gulf of Mexico that may curtail the flow of the furnace and industrial fuel from rigs and platforms.
Gulf Producers Idle 96% of Oil, 82% of Gas Output for Gustav
U.S. companies have idled 96 percent of Gulf of Mexico oil output and 82 percent of natural-gas production as Hurricane Gustav moves toward the region, a government report today showed.
Venezuela to Export Crude Oil, Liquefied Gas to Ecuador
Venezuela and Ecuador agreed to ship crude oil from Venezuela to a refinery in Ecuador and to study the possibility of building a plant to receive Venezuelan liquefied natural gas in Ecuador.
Venezuela's Ramirez Says OPEC Shouldn't Raise Oil Production
The Organization of Petroleum Exporting Countries shouldn't increase production, Venezuelan Oil and Energy Minister Rafael Ramirez told reporters in Caracas.
Coal Prices to Remain Firm on Demand, Riversdale's O'Keefe Says
Coal prices will continue to be buoyed by demand from energy and steel companies, said Michael O'Keefe, chairman of Riversdale Mining Ltd., an Australian coal producer.
Sabine Declares Gas Pipeline Force Majeure, Shuts Henry Hub
Chevron Corp.'s Sabine Pipe Line LLC began to shut its pipelines and the Henry Hub natural gas connection point in Louisiana as mandatory evacuations were declared before the arrival of Hurricane Gustav.
Russian Energy Minister Pledges Stable Oil Supplies to Europe
Russia ``will do everything'' to maintain stable oil flows through the Druzhba pipeline to Europe, Energy Ministry Sergei Shmatko said.
TOP ENERGY COMPANY STORIES
Energy Future Starts Unit 2 at Big Brown Power Plant in Texas
Energy Future Holdings Corp. has started Unit 2 at its coal- fired Big Brown power station in Texas.
Nippon Yusen's Grace Cosmos LNG Tanker Due to Arrive in Mexico
Nippon Yusen KK's Grace Cosmos liquefied-natural-gas, or LNG, tanker is scheduled to arrive Sept. 2 in Altamira, Mexico, according to data compiled by Bloomberg.
Areva Profit More Than Doubles on Nuclear Fuel Units
Areva SA, the world's biggest maker of nuclear reactors, said first-half profit more than doubled as increased sales of nuclear fuel and a disposal gain offset mounting charges on a reactor project in Finland.
Valero Begins Shutdown of St. Charles, Louisiana, Refinery
Valero Energy Corp. said it has begun the shutdown and evacuation of its refinery in St. Charles, Louisiana, before Hurricane Gustav makes landfall near the plant.
Oil-Rig Insurers Brace for Test as Gustav Bears Down
Tropical Storm Gustav, projected to reach the Gulf of Mexico by Sunday, may reveal whether insurers have done enough to limit risks of covering offshore oil rigs in the wake of hurricanes Katrina and Rita.
Enbridge, BP to Build Pipeline From Illinois to Texas
Enbridge Inc., Canada's biggest pipeline company, and BP Plc agreed to develop a delivery system to transport Canadian heavy crude oil from Flanagan, Illinois, to Houston and Texas City, Texas.
EU Emission Permits for December Hold Steady Near 5-Week High
European Union emission permits were little changed near their highest in five weeks as crude oil advanced, potentially making clean-burning natural gas less profitable for power utilities.
HIGHLIGHTS FROM NEWSPAPERS
India Wants Exemption on Nuclear Accord, Press Trust Reports
India wants an unconditional exemption from the 45-nation Nuclear Suppliers Group to buy fuel and technology for its energy plan, the Press Trust of India reported, citing External Affairs Minister Pranab Mukherjee.
Reliance Scraps Plan to Transfer Stake in Gas Field, Times Says
Reliance Industries Ltd. scraped a plan to transfer 80 percent of its share in its biggest gas field to four wholly owned units, the Economic Times reported, citing a letter sent to the oil ministry.
To contact the reporter on this story: Todd Zeranski in New York at tzeranski@bloomberg.net
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