I see no alternative but to open the SPR. The problem is that it is located in 4 places along the Gulf Coast, including near Baton Rouge and Lake Charles.
There was a sell off because there was news that the storm was overated and it was officially downgraded.. recently it was upgraded and people are panicking... here comes the climactic blow off.
What do you think this would accomplish? It would be a short term fix, most likely very short term, at best. Are you familar with the data released by the EIA each Wednesday?
looks like $68.05 bid in Oct. Crude futures with Oct. nat gas looking over $11.00 on open approaching the overnight opening bell :eek: