Oil infra in Gulf will be down for a week. The storm prep has been greta, though, and we should be able to minimize loss of life. Now, if only Katrina had happened during an Election Year. Protect yourselves, Gulfsters, and best of luck riding this out.
Ebu, right again... they need a real enemy with a piece of land only Russia is too embeded in our real estate. If Bush and McCAin push it Putin calls Hugo and they use Bush Cheny tactics to come up with veryy very low oil inventories...oops, so ve made mistakes on counting. Opec meetin on 9/9 too. CLR could be $200 of all goes well.
It's interesting how oil prices and gasoline prices were almost unchanged on Friday. That tells me traders expect lost oil production to be replaced by oil from the SPR and IEA reserves. This could also indicate that oil companies did some work on their refineries during the last three years to make them stand up to heavy rainfall without flooding. I wouldn't be surprised if there is no major flooding of refineries this time and they start them back up in about a week. That would make a lot of sense. They had three years to make the refineries more flood resistance and I expect that some construction was done to make them much more flood resistance. We'll see what happens but the markets are telling me we won't see a big increase in oil or gasoline prices even if the storm hits hard.
It tells me speculation was close up to 40% of the ride to 140. thast what ex commissh of CTC testifed in June about and it hsgn't hit 140 yet. Last week Oil inventories were down, Russia has upperhand, Hugo wants Opec to chill and oil did nothing. Maybe oil comapnies have neem holding back