Aug. 28 (Bloomberg) -- Crude oil fell more than $2 a barrel after the International Energy Agency said it would tap strategic stockpiles, if needed, because of Tropical Storm Gustav.
The IEA coordinated the release of crude oil and fuel supplies after hurricanes Katrina and Rita struck the U.S. Gulf Coast in 2005. Gustav packed maximum sustained winds of almost 70 miles (113 kilometers) per hour at about 11 a.m. Miami time and may regain hurricane strength of at least 74 mph today, the National Hurricane Center said.
If I recall, they did the same thing after Katrina, but the shipping lag was enough to keep prices up. However, demand conditions were different than today.
This entry was posted
on Thursday, August 28, 2008 at 8/28/2008 01:20:00 PM.
You can skip to the end and leave a response.
8/28/08 4:20 PMDid you notice the move on Natgas... ?!
8/28/08 4:27 PM
Yes, today was inventory day for Nat Gas. Wasn't Cramer massively bullish on NG?
» Post a Comment