Rita now CAT 2. It missed Houston by a wide enough margin. The only threat now is that it veers back over Houston, which some computer models are predicting. Tomorrow Sunday Sep. 25 QM is open for trading. The question is how much of this "good news" has already been priced into Friday's late-day advance in SIFs and QMs collapse. Imo QM will sell off another $1 - $2 on Sunday and SIFs when they open Sunday night will also likely respond by going higher 5-6 handles, assuming no new bad news. nitro
this hurricane could be qualified as a nonevent imho.very little damage from what i can tell from the tv coverage.
What was the price of oil before Rita coverage began? I don't remember that date. It would be interesting to see if prices will make a lower low once this ordeal is over. Glad we don't have to sustain as much loss as we did last time.
NO didnt look bad either ....until 2 days after! careful out there. Lots of refineries in Port Arthur, Lake Charles, etc.
no was a special case because it is below sea level. in one way it may be a good thing that the new orleans levee broke again. maybe that will cause a more common sense debate about how smart it is to rebuild a city that is below sea level and in a hurricane path.
MacroEvent Registered: Jul 2005 Posts: 487 09-24-05 06:15 PM most recent EIA report from today has 16 additional refineries off-line now. per fox news report on hand in Port Arthur area, several refineries are underwater or surrounded by water. CEO of Apache says they will need several days to just get their damage assessments done and then they will go from there -- this may take a few days to evaluate the situation. once the winds die down there will be the start of the process to go out and assess all the damage to the off-shore rigs --- this will take several days also. when the futures for oil open sunday we probably will still not have a clear picture yet of all possible damage.
They had the biggest one day gain ever into Rita. It depends on what day you mean, but $66 was close. nitro
We can see Brent trading on the IPE tonight: http://www.theipe.com/news/default.asp?sp=article&id=2127 But I think it is still way to uncertain for that session. The Sunday session should rock. nitro