Crude down over $1 tonight. If 5 million barrels of products (gasoline, distillates, heating oil) have been lost each day since last tuesday, that would make 30 million barrels of product lost. Not to mention all the lost crude oil and natural gas this past week. According to MMS, 100% of the gulf production is still shut in, approximately 1.5 million barrels of crude a day. Rita halted 24% of U.S. refining. Katrina a fraction of that since most refiners are in texas. Also, during Katrina, lost oil drilling was replaced by SPR. there is no reserves for refined products. Big storm or not, the fact is, a ton of REFINED product was LOST here. so what gives tonight? Maybe traders are still in the, "phew, missed houston, no deaths" mode.