Tropical Storm Bonnie, which was on course to disrupt Gulf oil production and cleanup efforts alike, has fortunately failed to pick up steam. According to Bloomberg, oil prices are likely to maintain at their current levels throughout the summer.

“It’s going to take better macroeconomic news or perhaps storm activity in the Gulf of Mexico to spring prices from their narrow trading range,” said Christopher Bellew, senior broker at Bache Commodities Ltd. in London.

Front-month futures prices haven’t settled below $70 since May 25 or above $80 since May 4. The 30-day range is $71.09 to $79.60.

Tropical Storm Bonnie simply dispersed into a number of thunderstorms that hit several gulf states. Currently there are no signs of another storm brewing in the gulf, but then again hurricane season is just beginning.

This entry was posted on Monday, July 26th, 2010 at 1:58 pm and is filed under Fuel Price Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.