Of Loss

It's one of those art project days...

I slept restlessly -- thinking about loss...

Totaling up Gustav’s damage
By MARK WILLIAMS and IEVA M. AUGSTUMS
The Associated Press



Ships and barges that broke moorings and ran aground as a result of Hurricane Gustav cluttered the Industrial Canal in New Orleans on Tuesday. But the Mississippi River was already open to some traffic Tuesday morning.

BEAUMONT, Texas | Residential and commercial damages from Hurricane Gustav will trigger an estimated $4 billion to $10 billion in insurance claims, a third of which could affect the energy industry.

Although Gustav’s force paled in comparison with Hurricane Katrina, which cost insurers $41 billion, oil workers, utility crews, fishermen and other business owners fanned out Tuesday across the Gulf Coast to assess the damage. Retailers began re-stocking their shelves in anticipation of the cleanup effort, and power crews worked to restore electricity to more than 1 million customers across the region.


BASE METALS: Comex Copper Pressured By Stock Build, Oil Los
Tue, Sep 2 2008, 18:16 GMT
FXSTREET.com

OIL FUTURES: Nymex Crude Extends Loss After Gustav
Dow Jones 9/2

Stocks dip on GM loss, oil, jobs data
Fri Aug 1, 2008 5:12pm EDT

Airline industry sees $5.2b loss this year
Bloomberg News
September 4, 2008

Impacts of the Venezuelan Crude Oil Production Loss
By Joanne Shore and John Hackworth
eia.gov 3/15/07

By February 2003, Venezuelan imports were still less than 50 percent of their pre-strike levels in November. Yet, the 11 refineries with significant dependency on Venezuelan crude oils imports were back to importing crude oils at their November levels. Enough time had elapsed for alternative sources of crude oils to have arrived.

With the loss of about 3 million barrels per day of crude oil production, and with other producers not increasing volumes adequately to replace this loss, prices rose. The high crude prices discouraged all refiners from increasing runs. During a typical January and February, gasoline stocks will build about 10.6 million barrels (range of 8.0-13.5 million barrels from 1995 through 2002). This past January and February, gasoline stocks fell by 7.5 million barrels. For the gasoline stock build to have been in the normal range, refinery inputs would have had to have been 500-600 MB/D above what they were.

Kuwait Refineries Suffer Power Loss
Oil and Gas Insight
2/07

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