It looks quite unlikely that Katrina would affect the Gulf of Mexico facilities, and that's what's bringing the price down now as people start to take profits.
More Quotes from Tetsu Emori:
Traders are most concerned about the Iranian issue, as the situation appears to be getting worse.Tetsu Emori
The Iranian situation isn't going away. There are dangerous comments coming out of Iran on their nuclear testing and that will keep oil high.
Tetsu Emori
Traders need to understand that the supply-demand situation is much tighter in fact, especially since U.S. Gulf of Mexico operations are still mostly down. Demand is still strong, and can only rise in coming months.
Tetsu Emori
Last week, there was an attack by terrorists in Saudi Arabia and that's why the market jumped, but the Saudi authorities were successful in foiling the attack so this calmed the market a bit, prompting traders to have a reason to sell.
Tetsu Emori
It seems to be a very crazy market. People worry about gasoline and crude oil supply.
Tetsu Emori
The market is quite weak as the U.S. starts receiving materials from abroad. I'm looking for oil to fall to 62.
Tetsu Emori
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