Oil near $73 on storm fears

Crude climbs on concerns that tropical storm could cut Gulf of Mexico output.

…Shell shut in 5 million cubic feet per day of gas production in the Gulf of Mexico and began evacuating non-essential personnel as a precaution.

Other energy companies operating in the Gulf, which produces roughly a third of U.S. domestic oil and gas production, were monitoring the tropical depression, this year’s fifth, which formed in the central Gulf.


“The U.S. energy complex is in weather trading mode and actively anticipating supply disruption due to the current tropical storms/depressions,” said Olivier Jakob of Petromatrix.

Tropical Storm Dean also formed in the Atlantic Ocean midway between Africa and the Caribbean on Tuesday, and forecasters said it could become the first Atlantic hurricane of 2007 later in the week, although it was days away from reaching land.

CNN