According to the Minerals Management Service, approximately 62.7% of the oil production and 31% of the natural gas production in the Gulf of Mexico has been shut-in due to poor weather conditions. Personnel have been evacuated from a total of 77 production platforms, equivalent to 9.2% of the 834 manned platforms in the Gulf. Personnel from 17 rigs have also been evacuated; this is equivalent to 19.1% of the 89 rigs currently operating in the Gulf.
However, the weather system in the Gulf of Mexico has officially become Subtropical Depression Ten, the National Hurricane Center said Friday. This has reduced the threat to oil and gas production in the area. As a result, the November crude fell 16 cents to settle at $81.62 a barrel Friday. Black gold still gained 4.5% for the week.
Elsewhere, December gold slipped $1 to close at $738.90 an ounce Friday. However, the metal ended the week with a gain of $21.10, or 2.9%. December silver added 15 cents to close at $13.62 an ounce, tacking on 7.2% for the week. December copper finished down 0.2 cent at $3.5925 a pound, up 6% from a week ago.
Despite the slip in oil prices, oil-related stocks still put in a strong session. The Oil Services HOLDRS Trust (OIH) added 1.2% and the CBOE Oil Index (OIX) increased 0.37%. On the other hand, mining stocks retreated today. The AMEX Gold BUGS Index (HUI) dropped 0.3% and the ISE Gold Index (HVY) declined 0.83%.