Whats going on??? oil down. ng down 1.10

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scriabinop23

Shutting the 407 oil wells in the Campeche Sound will result in a production loss of 2.7 million barrels of oil and 2.6 billion cubic feet of natural gas a day, Pemex said. Of that, about 1.7 million barrels of oil a day is exported from three Gulf ports, where Pemex was loading the final tankers before shutting them as well.

per this... http://www.msnbc.msn.com/id/20289472/



This is 1/10th of US oil consumption on a daily basis. A BIG deal, even though it may be a short term event. Even so, permanent damage to rigs may lower production over long term.

And oil down? Anyone have any good ideas?
 
My guess; funds hid in oil and prayed for a big storm to hit. Didn't happen. Now scrambling to the exit but don't fit all at once.
 
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