With the storm now rated at at 5, 160 mph winds... turning for a direct hit at the Mississippi River.... Where do you think oil will go? Remember that it will trade in the overnight before opening? Oil closed at $66 and some change... I think the simple shock of the hurricane will send oil through $70 and then sell off albeit for only a few days befor resuming it climb. Thoughts?
the futures opening today will be extremely interesting with the weather situation we have --- yes oil could start a small parabolic move that could continue once the storm actually hits and we get damage report information. $70 a barrel or higher will for sure happen if the damage reports start coming in and oil industry infrastructure is involved. side note -- why would anyone live in a city that is 12 feet below sea level, with a river on one side and a lake on the other, in a hurricane zone ??? is bourbon street just that great???
My high target for oil sits right around 75 and this is based upon a little model that I have maintained for a long time on the demand structure of petroleum. But hey, who am I - nobody so take my prediction as what it is ... More importantly, a category 5 hurricane making a direct hit upon New Orleans will be utter devastation to the city and anyone that is there during the storm..... I'm not really sure I understand why the the national gaurd and army was not activated to get everyone out of there ..... If its a category 5 direct hit on the city everyone there deserves a prayer ...
I remember a few years back there was a storm headed for Norfolk/Va Beach area of Virginia and the state sent in hundreds of body bags because the area is so low a surge would flood roads AHEAD of the evacuation route. With this thing heading up the Mississippi River, could see something similar. Feel sorry for anyone that didn't get out. Where the hell do you go when the city is below sea level?
i went to college in N.O and evertime we had a large STORM, our campus (tulane) was flooded...one time it took 2 days to drain out if this thing hits dead on....it'll be a disaster like we have not seen in a long time if i was there...i would get the hell out of dodge pray that it does not hit NO d