CL Redux

Crude oil rises with storm's passing
Published: Aug. 29, 2011 at 9:37 AM

NEW YORK, Aug. 29 (UPI) -- Oil prices in New York rose above $87 per barrel Monday after Hurricane Irene came and went, battering the East Coast, but leaving most structures intact.

Concerns among traders included the possible shutdown of oil refineries and the cessation of driving during the storm, which would affect gasoline sales.

By various degrees, drivers kept their cars parked but no major damage was reported at refineries or storage facilities.

On the New York Mercantile Exchange, the price of West Texas Intermediate crude oil for October added $183 to reach $87.17. Home heating oil prices gained 0.6 cents to $3.0218 per gallon. Reformulated blendstock gasoline prices lost 0.27 cents to $2.7833 per gallon.

Henry Hub natural gas prices for October lost 7.6 cents to hit $3.836 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $3.611 per gallon from Sunday's $3.609, AAA said.
 
Quote from EON Kid:

Crude oil rises with storm's passing
Published: Aug. 29, 2011 at 9:37 AM

NEW YORK, Aug. 29 (UPI) -- Oil prices in New York rose above $87 per barrel Monday after Hurricane Irene came and went, battering the East Coast, but leaving most structures intact.

Concerns among traders included the possible shutdown of oil refineries and the cessation of driving during the storm, which would affect gasoline sales.

By various degrees, drivers kept their cars parked but no major damage was reported at refineries or storage facilities.

On the New York Mercantile Exchange, the price of West Texas Intermediate crude oil for October added $183 to reach $87.17. Home heating oil prices gained 0.6 cents to $3.0218 per gallon. Reformulated blendstock gasoline prices lost 0.27 cents to $2.7833 per gallon.

Henry Hub natural gas prices for October lost 7.6 cents to hit $3.836 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $3.611 per gallon from Sunday's $3.609, AAA said.
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Interesting. I would have thought the approach of the storm would have increased prices due to possible damage to refineries etc, and once the storm has passed and little damage was done, prices would fall, but this article says the direct opposite!
 
To this point buyers have firmly established the value above last week... However, we have not yet tested last week's high yet after breaking through it in the pit session, though we came close at .75 ... while we are firmly up, it seems that those longs may need to be shaken out, so I expect a move DOWN sometime soon, perhaps in the next hour.
 
Quote from JoshDance:

To this point buyers have firmly established the value above last week... However, we have not yet tested last week's high yet after breaking through it in the pit session, though we came close at .75 ... while we are firmly up, it seems that those longs may need to be shaken out, so I expect a move DOWN sometime soon, perhaps in the next hour.
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hard call we have a gap at 8787 from 0817 sell off into the close sounds cool
 
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