U.S. crude jumps as hurricane shuts Mexico fields

[Tom Yossarian Joad]

SINGAPORE, July 18 (Reuters) - U.S. crude oil futures surged more than 1 percent in opening trade on Monday as Hurricane Emily forced Mexico, the world's fifth-largest producer, to shut down nearly 500,000 barrels per day (bpd) of output.

U.S. light sweet crude traded as high as $58.82 a barrel, up 73 cents, in early afterhours electronic dealing, building on Friday's 29-cent rise from a two-week closing low. It was up 54 cents at $58.63 a barrel by 2340 GMT.

Heating oil was up 1.59 cents or 1 percent at $1.6780 a gallon while gasoline rose 1.42 cents to $1.7025 a gallon in trade on the electronic ACCESS platform.

Hurricane Emily bypassed the U.S. section of the Gulf of Mexico but forced Mexico's state oil firm Pemex, a major supplier of crude to the United States, to shut in wells, evacuate 15,000 workers from offshore rigs and close export terminals.

more: &cap=This%20National%20Oceanic%20and%20Atmospheric%20Administration%20satellite%20image%20of%20Hurricane%20Emily%20taken%20at%201:45%20p.m.%20EDT%20(1745%20GMT)%20on%20July%2017,%202005.%20%20REUTERS/NOAA/Handout

[wallwriter]

1. SO where are all the fundies talking about the wrath of God now??

Clearly, God loves Prius owners and hates SUV's.

Where's the commentary from Falwell and Robertson? Huh? Huh???

[acmavm]

2. Maybe they're all stranded on the freeway. Ran out of gas.

.

[cliss]

3. At my office, there were gasps and mouths hanging open

when I mentioned $100.00 per barrel, maybe in September. They shook their heads in disbelief.

Somehow, I think it's going to happen sooner than that.

[Massacure]

5. No. It won't happen that fast. It will only happen as fast as China grows.

[Massacure]

4. Where do they trade oil? It is still Sunday here in the U.S.

[UpInArms]

6. you can see the oil futures here

http://quotes.ino.com/exchanges/?c=energy

[Algorem]

7. What happens to oil prices when Cheney keels over?