Crude prices up again on new hurricane fears

Crude oil prices were up substantially again on Monday as another hurricane threatens to enter the Gulf of Mexico and hit oil drilling platforms, causing concerns about further disruptions in the oil supply.

Brent crude November contracts on the International Petroleum Exchange gained $3.80 to $65.39 per barrel, after going as high as $65.61 per barrel earlier in the day.

West Texas Intermediate crude for October delivery on the New York Mercantile Exchange were up $4.39 to $67.39 per barrel. This is still over $3 below its peak of over $70 per barrel.

Nymex October unleaded gasoline gained 20.74 cents to $1.9925 per gallon, while heating oil futures were up 17.8 cents to $2.1050 per gallon, pushing refiner margins up to nearly $17 per barrel on gasoline and over $18 per barrel on heating oil.

Four of the eight refineries shut down by Hurricane Katrina are still out of commission and could remain that way into next year as working refineries face the possibility of more damage from another storm.

Natural gas prices reached a record high as Nymex Henry hub futures reached $13.08 per million British thermal units during the day, reflecting fears that another storm could further compromise supplies and cause shortages during the winter heating season.