We don't know how much of the refinery is down or for how long. But not to negate the human tragedy, it happened at the worst time of the year seasonally. And it happens at a time the market is nervous and looking for reasons to go higher anyway.
More Quotes from Peter Beutel:
This is all about Tropical Storm Rita ... obviously, the last thing that this market needs is for a hurricane to hit the western gulf where it didn't hit last time.Peter Beutel
It's less than 30,000 barrels a day in a country that consumes 21 million. That's not even rearranging a single deck chair on the Titanic. But psychologically, it has some effect.
Peter Beutel
It now looks like the post-Katrina high will be the top for a long time. Although the supply picture is the worst it has ever been, the weakening demand picture is an even bigger worry. Demand is shifting underfoot as high prices are felt by consumers.
Peter Beutel
If we pass on the full extent of national gas prices they could be double their level last winter.
Peter Beutel
With oil stocks so low, there's a huge amount of concern.
Peter Beutel
U.S. refineries prefer a lighter grade of crude than OPEC can add right now, ... The big problem is the refining issue. Now with another storm threatening the Gulf, and the half the Gulf that avoided Katrina, it has traders spooked this morning. We really don't need another storm near the producing areas at all.
Peter Beutel
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Based on Topics: Time Quotes, Tragedy QuotesAlways do one thing less than you think you can do.
Bernard Baruch
Now when I enter a carriage, it almost empties. But there's always one brave enough to stay.
Grace Jones
Those who promise us paradise on earth never produced anything but a hell.
Karl Popper