IDA's Passes through the Gulf

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IDA's Passes through the Gulf

Published on Monday, 09 November 2009 12:37 Written by TradersHuddle Staff

Miami, Nov 9 (TradersHuddle.com) – What it is now Tropical storm IDA, approaches the US Gulf Coast, expected to make landfall later today. However, it definitely created some havoc in the oil and natural gas industry, as it entered the Gulf as a Hurricane.

Chevron Corp (NYSE: CVX) halted some of its production at its Gulf of Mexico platforms, the same goes for Marathon Oil Corp (NYSE: MRO) and Murphy Oil Corp (NYSE: MUR), according by a report from Bloomberg news network.

Although, the move in crude oil prices can be attributed to the weak US Dollar, it is also true that traders of oil futures were looking at some supply disruptions as well.

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