Oil Slightly Higher, Traders on Gustav Watch
Aug 26th, 2008 | By Doug Casey | Category: Financial News, Oil Investment & Alternative EnergyIn the energy market Monday, crude for October delivery eked out a gain, closing at $115.11/barrel, up 52 cents. October reformulated gasoline added 1.4 cents, to $2.8823/gallon.
Traders were mostly watching and waiting to see what happens with Tropical Storm Gustav—now expected to reach hurricane force—and whether it will threaten platforms in the Gulf.
“I imagine crude and natural-gas traders are closing positions out ahead of what could be a problem,” said Beth Sewell, of Quantum Gas & Power Services. “Traders don’t like open positions when there could be a supply disruption by a storm.”
Outside of the weather, “We could see further weakness gnaw at the markets over the next few weeks, as weaker demand aggravates the excess supply problem,” wrote Edward Meir of MF Global. Meir said he doesn’t believe OPEC will take any measures to roll back excess supply.
Source: Oil Slightly Higher, Traders on Gustav Watch
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