The market is so hyper-sensitive to changes in the storm. The thinking is it will be less of a direct hit on Houston and therefore less damaging to energy interests and that was enough for people to take some profits.
More Quotes from Marshall Steeves:
The gasoline data is bullish and right now gasoline futures are showing the highest gains. We'll see if that leads the market,Marshall Steeves
Oil prices have consolidated in the upper 60s. There's a balance between the supportive geopolitical concerns respecting Nigeria and Iran, verses the bearish influence of excess crude supplies and warm U. S. winter weather.
Marshall Steeves
The good news is that with the 30 million-barrel sale of SPR oil, I don't think we will have much of a deficit in crude oil production.
Marshall Steeves
The size of the distillate draw wasn't spectacular but is disconcerting given that we are approaching the heating season. Heating oil is ascendant right now, while interest in gasoline wanes.
Marshall Steeves
The news that Saddam's sons may have been killed gave traders a feeling that things would be a little bit more settled in that nation,
Marshall Steeves
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