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9/11/2008 8:07:00 AM
Hurricane Ike Eyes Oil Refining Belt Along Texas Coastline

HOUSTON (Dow Jones)--Hurricane Ike crept closer to the southeastern Texas's energy hub Wednesday, prompting the shutdown of at least one refinery and the closure of a key crude oil pipeline.

Natural gas and oil future markets, however, held steady as coastal Texas prepared for the onslaught of winds and rain from Ike, currently a Category 2 storm that's expected to strengthen.

Oil futures settled 0.7% lower at $102.58 a barrel on the New York Mercantile Exchange and natural gas futures ended 1.9% lower at $7.393 a million British thermal units

The U.S. Gulf Coast is responsible for a large portion of the country's refining capacity with much clustered around Houston and Corpus Christi, Texas

Fire investigators found the cause Wednesday of a fire that totalled a warehouse. The three-alarm blaze was sparked by improperly disposed-of ashes from a company barbeque in the parking lot. Someone put the burned charcoal in a plastic bucket, then put the bucket in the building. The bucket melted, igniting nearby combustible material. The massive fire at the Southeast Portland business Empire Rubber and Supply, collapsed the roof and caused half a million dollars in damages.

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