Damaged BP platform ups oil prices
Oil prices rose on Monday after BP said output from a massive Gulf of Mexico platform damaged by last year's Hurricane Dennis would not be restored until mid-2008, at the earliest.
Analysts said the BP news did not cause the rally by itself, although it may have magnified a technical bounce that began on Friday following nearly two straight weeks of declines.
"You can't go down every day," said BNP Paribas Commodity Futures broker Tom Bentz. "We needed to recover a little bit."
BP's Thunder Horse platform, which can produce up to 250,000 barrels per day (bpd) of oil and 200 million cubic feet a day of natural gas, had been expected to be running by early next year. But the London-based company said new sub sea equipment failed during a test and it will need to be rebuilt
story continued
Analysts said the BP news did not cause the rally by itself, although it may have magnified a technical bounce that began on Friday following nearly two straight weeks of declines.
"You can't go down every day," said BNP Paribas Commodity Futures broker Tom Bentz. "We needed to recover a little bit."
BP's Thunder Horse platform, which can produce up to 250,000 barrels per day (bpd) of oil and 200 million cubic feet a day of natural gas, had been expected to be running by early next year. But the London-based company said new sub sea equipment failed during a test and it will need to be rebuilt
story continued
posted by anthony m, at Monday, September 18, 2006
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