* EIA says hurricane threatens East Coast refineries
* Mariner Energy <ME.N> facility off Louisiana on fire
* Equities gain on data, help lift crude futures
* Coming Up: August nonfarm payroll data on Friday
(Recasts)
By Gene Ramos
NEW YORK, Sept 2 (Reuters) - Crude oil futures rose further Thursday
after a U.S. warning that East Coast refineries were threatened by
Hurricane Earl came on the heels of a fire on an oil and gas platform off
the coast of Louisiana.
The facility, owned by Mariner Energy Inc <ME.N>, was on fire and the
U.S. Coast Guard said it was trying to rescue 13 workers. For full story
see []
Earlier, crude futures bounced back from session lows after data on
jobless benefit claims and home sales lifted Wall Street. []
Prices had fallen in the early going by more than 1 percent to just
above $73 a barrel as traders booked profits from a nearly 3 percent
rebound on Wednesday.
"These are further signs the economy is not slipping into a recession
albeit growth still looks quite slow," Zach Pandl, an economist at Nomura
Securities International in New York, said of the data.
Crude futures rose further after the Energy Information Administration
said that 1.1 million barrels per day, or 7 percent of the nation's total
refining capacity, was in jeopardy due to Hurricane Earl. []
By 1:55 p.m. EDT (1755 GMT), NYMEX crude for October delivery was up 53
cents at $74.44 a barrel.
ICE Brent gained 29 cents to $76.64, with its premium to U.S. crude
remaining elevated because of bloated U.S. inventories.
"Crude futures prices today mirror movements on Wall Street and the
dollar, much like yesterday's action. Crude futures pulled back earlier on
profit-taking after yesterday's sharp gains," said Tom Knight, a trader at
Truman Arnold in Texarkana, Texas.
With refineries threatened, U.S. gasoline futures led the energy
complex's gainers on NYMEX. Gasoline for October delivery <RBV0> was up
2.24 cents at $1.9115 a gallon.
The latest advisory by the National Hurricane Center showed the
dangerous hurricane was about 300 miles (483 kilometers) south of Cape
Hatteras, North Carolina, with winds of 140 miles per hour (225 kph).
[]
Oil refiners and nuclear power plants along the Eastern Seaboard were
monitoring Earl as it made its way northward. []
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
LINKS:
Latest news on hurricanes:
http://www.reuters.com/subjects/hurricanes
Link to National Hurricane Center: http://www.nhc.noaa.gov/
Link to weather models: http://www.skeetobiteweather.com/
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
However, traders remained cautious ahead of Friday's key nonfarm
payrolls and unemployment data that could shed further light on the status
of the economic recovery. As a result, gains were limited.
Wednesday's rebound developed as manufacturing data from China and the
United States raised hopes that flagging oil demand could rise.
That rise came despite federal government data showing total crude and
refined product inventories posted another record high in the week to Aug.
27 to the loftiest level since 1990 when the government started issuing
weekly statistics.
Total stockpiles rose to 1.143 billion barrels, even though last week's
stored supplies of distillates, which include heating oil and diesel, as
well as gasoline fell.
(Additional reporting by Robert Gibbons, David Sheppard and
Eileen Moustakis in New York; Alex Lawler and Joe Brock in London; and
Alejandro Barbajosa in Singapore; Editing by John Picinich)
