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The hurricane likely will cause oil and gas prices to drop, as drivers avoid roads and air and...

The hurricane likely will cause oil and gas prices to drop, as drivers avoid roads and air and rail traffic shrivel, depressing regional fuel demand more than supply, John Kemp writes. The net result should be bearish for crude and product prices in coming days, provided there is no serious and sustained damage to east coast refineries.
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  • Kemp offers a glass half full comment while omitting key factors. Almost the entire eastern third of the nation will shiver through temperatures that are 10-20 degrees below seasonal averages, the National Weather Service predicts. East Coast distillate stocks are running 30 million barrels below last year. Demand will remain low if power is not restored in which case people will sit in freezing cold.

     

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    29 Oct 2012, 12:08 PM Reply Like
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