NYMEX crude up for 4th day at $118 amid storm fear

(To see the day's top energy news click [TOP/O]) TOKYO, Aug 28 (Reuters) - U.S. crude oil futures rose for a
fourth straight session to stay above $118 a barrel on Thursday,
amid concerns Tropical Storm Gustav will intensify into a
major hurricane as it moves towards energy facilities in the Gulf
of Mexico. * Frontmonth U.S. crude for October delivery CLc1 was up 20
cents at $118.35 a barrel on the Globex electronic trading
platform, after settling up $1.88 at $118.15 on Wednesday. On Wednesday, the contract touched $119.63, the highest since
Friday. In the past three sessions, oil has risen $3.56. * Wednesday's gains came amid forecasts that Gustav was
projected to hit the U.S. Gulf Coast around Monday. Tropical Storm Gustav will strengthen into a major hurricane
and could force shut around 85 percent of U.S. oil and natural
gas production platforms in the Gulf of Mexico in the coming
days, private forecaster Planalytics said. [ID:nN27397216] Shell Oil Co, the U.S. Gulf of Mexico's largest producer,
said its oil production would be affected as early as Thursday as
it evacuates all workers from offshore operations.
[ID:nN27498737] * Earlier on Wednesday, government data also showed U.S.
crude inventories unexpectedly fell by 100,000 barrels, against
forecasts for a 1 million barrel build. Gasoline stocks fell by 1.2 million barrels, compared with a
forecast decline of 2.9 million barrels. Distillate stocks were
unchanged. [EIA/S] * September RBOB RBU8 led the gains on Wednesday, settling
up 3.3 percent at $3.0672 a gallon, amid fears of supply
disruption. September heating oil HOU8 on Wednesday ended up 1.6
percent at $3.2617 a gallon. * Traders were also eyeing the upcoming OPEC meeting and
escalating tensions between Russia and the West after U.S.
President George W. Bush condemned Russia for recognising
breakaway regions in Georgia. [ID:nN26346120]
To read the previous day's closing market report, click [O/R]
Diary of upcoming energy news and events -- [O/DIARY]
Oil prices as of 0009 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude OCT8 $118.35 +0.20 +$1.88 +1.62% $117.61
Heat Oil SEP8 326.67 +0.50 +5.18 +1.61% 321.70
RBOB SEP8 0.00 +0.00 +9.75 +3.28% 294.16
Natgas OCT8 $8.520 -0.088 +$0.221 +2.64% $8.415
ICE Contracts
Brent OCT8 -- +0.00 +$1.59 +1.39% $116.33
Gasoil SEP8 -- +0.00 +$6.75 +0.65% $1045.90
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by Osamu Tsukimori)