Sunday, September 14, 2008

Valero says power restored to Houston refinery (VLO). And: Oil drops to six-month low

From Reuters:
Valero Energy Corp (VLO: Quote) said on Sunday power has been restored to most production units at its 130,000 barrel per day Houston oil refinery....
U.S. oil prices dropped $2 to a six-month low below $100 a barrel on Sunday as dealers bet on a swift recovery of the nation's energy production after Hurricane Ike.

The losses add to a steady downtrend since mid-July's peak of over $147 a barrel amid mounting evidence that high energy costs and a weakening economy are cutting deeply into fuel consumption.

Oil prices CLc1 fell $1.88 to $99.30 a barrel by 1600 GMT (midday eastern time) after falling as low as $99.12 -- the lowest since March 20.

The New York Mercantile Exchange opened a special energy trading session on Sunday due to increased trader interest about Hurricane Ike, which slammed into the Houston energy hub Saturday leaving a quarter of U.S. oil and refined fuel production idled and millions without power....MORE