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 News Around the Republic of Mexico | September 2007 
Hurricane Lorenzo Hits Mexico, 3 Dead
 Alejandro Juarez - Reuters
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| | A satellite image of Hurricane Lorenzo, taken on September 27, 2007. Lorenzo swept into Mexico's Gulf coast early on Friday, packing 80 mph (130 kph) winds and dumping heavy rain on the already waterlogged state of Veracruz. (Reuters/NOAA) |
Nautla, Mexico - Hurricane Lorenzo crashed into Mexico's Gulf coast on Friday, killing three people in a mudslide and knocking out power to 85,000 homes.
In the coastal fishing town of Nautla, Lorenzo's 80 mph (130 kph) winds ripped off bits of roofs, blew down trees and scattered debris in the streets.
"It hit us hard and there is an incredible amount of rain," said Mayra Castro, 29, a waitress who spent the night mopping up water that leaked into her house through windows and under doors.
The heavy rains caused a mudslide that killed three people in a village in the Sierra Madre mountains of Puebla state, a state government spokesman said.
Torrential rain also fell on the already waterlogged coffee-growing state of Veracruz but there were no early reports of damage to the crop.
Lorenzo made landfall overnight close to Nautla as a Category 1 hurricane, the lowest rank on the five-step Saffir-Simpson scale, and quickly lost power, becoming a tropical depression with winds of 25 mph (35 kph). Around 100,000 on the coast were evacuated.
The storm was not seen affecting Mexico's oil production, which is centered to the southeast of the landfall area.
The storm knocked down three power transmission lines leaving 85,000 homes along the coast without electricity, the Federal Electricity Commission said.
Lorenzo was the third hurricane to hit Mexico in the last few weeks after Dean and Henriette pounded its Caribbean and Pacific coasts.
Much of Veracruz state, especially north of Tuxpan, is flooded after weeks of relentless rain. Tuxpan is primarily a grain port but also home to a large Navy fleet.
Oil ports in the Mexican part of the Gulf of Mexico were all open to shipping, although some reported large sea swells.
Another tropical storm, Karen churned through the Atlantic some 780 miles_ east of the Windward Islands. A tropical depression also formed in the far eastern Atlantic and was about 245 miles southwest of the Cape Verde islands.
With Lorenzo, the 2007 Atlantic storm season has generated four hurricanes, including Humberto, which startled coastal residents of Texas and Louisiana this month by unexpectedly strengthening into a hurricane before landfall.
A giant Category 5 hurricane, Dean, swiped Jamaica and then plowed into Mexico's Yucatan Peninsula in August, killing at least 27 people. Another one, Felix, tore into Central America, killing at least 130 people in Nicaragua.
Oil Retreats After Storm Hits Mexico
Agence France-Presse
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Crude oil prices retreated Friday after an early spike, as traders locked in gains after a storm in the Gulf of Mexico weakened as it moved ashore.
New York's main futures contract, light sweet crude for delivery in November, fell 1.22 dollars to close at 81.66 dollars per barrel. Last week New York crude hit an all-time record of 84.10 dollars.
The price of London Brent crude oil Friday rocketed above 81 dollars a barrel for the first time, but settled with a loss of 86 cents at 79.17 dollars a barrel.
Prices spiked by more than two and a half dollars on Thursday, with London smashing through 80 dollars for the first ever time owing to stormy weather in the rig-heavy Gulf of Mexico.
Hurricane Lorenzo barreled ashore from the Gulf of Mexico but rapidly lost its punch. Three people were reported killed in Mexico.
Downgraded to a tropical storm, Lorenzo soaked large areas of central Mexico, leading to fear of further landslides in mountainous regions.
Analysts said the record-breaking run for oil in the past week was not explained by market fundamentals, and that it appeared more speculative money was pouring in.
"Prices have seemingly moved inexplicably," said Eric Wittenauer at AG Edwards.
"The fundamentals don't support the strength and even the technicals suggest a correction is overdue. We think fund money is again playing in this market. This is not hedge fund money though; those funds will go both long and short."
He said geopolitical factors are in play but added that "we don't think the recent rally and its persistence is explained by world affairs."
Wittenauer said that some see "an inflationary environment wherein the Fed (Federal Reserve) looks as though they may be willing to cut rates further," and that in that event, "it may make sense for traditional investors to hold commodities as an asset class."
The sliding dollar has also buoyed oil prices. A weak US unit makes dollar-denominated commodities cheaper for buyers with stronger currencies and therefore encourages demand.
Prices are finding "continued support from a weaker dollar and persistent concerns over global oil supplies ahead of the winter heating season," said Sucden analyst Michael Davies.
Demand for heating fuel hits a peak in the forthcoming northern hemisphere winter. |
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