Traders are more focused on Hurricane Rita as this weather event could have a longer-term devastation on the infrastructure of our nation's oil industry's ability to provide energy to citizens.
More Quotes from John Person:
If this storm does start to track towards the Houston area ... we would certainly see a lengthy recovery process in the nation's refinery industry.John Person
Mild weather is the culprit. Inventories are plentiful as well and imports of LNG liquefied natural gas and pipelines in the Gulf are passing through ample storage supplies.
John Person
Crude oil tumbled in the final minutes of trading as traders are taking an attitude that prices may not see a substantial gain based on supply disruptions from Hurricane Katrina.
John Person
Concerns over inflation have not disappeared.
John Person
The real culprit is certainly the unforeseen supply disruptions that could develop out of the Middle East, so the crude-oil markets will remain on the defensive and prices will probably stay above 60 for the remainder of the first quarter.
John Person
European leaders are pressing Iran to step back their 'saber rattling' threats over nuclear developments. This situation was priced in the market last week -- and as traders returned back to work and focused on the current fundamental supply situation -- prices backed down off the highs.
John Person
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