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Powerful Hurricane Shuts Rigs, Refiners As Oil, NatGas Gain; But Far Off Overnight Peak; Katrina's damage unclear, but experts say key issue is the impact on refineries.(A)
Publication: Investor's Business Daily Publication Date: 30-AUG-05 |
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COPYRIGHT 2005 Investor's Business Daily, Inc.
Byline: LAURA MANDARO
Oil and gas prices jumped after Hurricane Katrina swept through the Gulf of Mexico over the weekend, shuttering platforms and raising fears of less refinery capacity.
October crude oil surged as high as $70.80 a barrel overnight shortly before Katrina made landfall. But after the powerful storm's eye veered east of New Orleans and many Gulf oil rigs, crude retreated to close $1.07 higher to $67.20.
Natural gas contracts hit $12 before closing up $1.333 to...
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