National Petroleum Authority, Ghana

Tropical Storm Bonnie hit the Bahamas and was on a track to take it across or near southern Florida and into the Gulf of Mexico, according to the U.S. National Hurricane Center. The Gulf accounts for about 31% of U.S. oil output and 10% of its natural-gas production, according to the Energy Department. The coast along Louisiana and Texas is home to 42% of US refining capacity. The US Energy Department said on July 21 U.S. Crude stockpiles grew by 360,000 barrels last week. Gasoline inventories climbed 1.12 million barrels to 222.2 million barrels, the highest level since April. Crude oil may fall next week on speculation that U.S. inventories will climb as imports increase, a Bloomberg News survey showed. Thirteen of 34 analysts, or 38%, forecast crude oil will decline through July 30. Eleven respondents, or 32%, predicted that futures will be little changed and 10 saw an increase. Last week 39% of analysts forecast a drop.