What's Moving the Oil Market

•Global crude futures slumped to near five-month lows in early European trading Friday, under pressure from the stronger dollar and following reports that power will be restored to US Gulf refineries in the aftermath of Hurricane Gustav, sources said.

•The ICE Dollar index traded at 77.95, close to the 11-month high of 79.077 touched on Thursday, ahead of key US payrolls data later in the day. "The dollar is certainly having an impact," a London-based broker said. "If the Dollar Index does not stop its current climb we see an increasing risk of cross commodity selling," Petromatrix oil analysts said in a report.

•In the US Gulf, Louisiana electric utility Entergy on Thursday said it expects to restore power to the port of Baton Rouge by Friday, and that it will have reconnected 11 of 12 oil refineries that lost service when Hurricane Gustav swept through the region on Monday. Currently 2.4 mil b/d of US Gulf refining capacity is shut in, according to the US Energy Information Administration.

Updated: September 5, 2008

This content first appears in Platts Oilgram Price Report. Platts Oilgram Price Report is a daily report that covers market changes, market fundamentals and factors driving prices. Platts Oilgram Price Report also brings a vast array of Platts international prices for crude and products, netback tables, and market critical data. Subscribe now to Oilgram Price Report, or click here to request a trial.

Platts What's Moving the Oil Market What's Moving the Oil Market 9/5/2008

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