[I direct your attention to the daring young man on the flying trapeze -ed]
The futures closed at $82.52 up $0.83 per barrel. After hours we have oil backing off to $82.33.
Following up on Saturday's "Hurricane Watch: Tropical Storm Richard Computer Model Tracking Forecasts":
The storm is tracking further west than was indicated 24 hours ago. If Richard doesn't threaten Gulf oil production and the French get their collective acts together, look for a $3-5 decline in WTI. On Friday the futures were last $81.69, up $1.13....And Friday's "Lines on Charts: "Crude Oil Topping Pattern" (USO)".
Wunderblog, it appears that the hurricane risk is dropping quickly:
Forecast for Richard
...Richard has weakened to a tropical storm with 45 mph winds, as it moves west-northwest over the Yucatan Peninsula. Richard's small size and relatively slow forward speed of 5 - 10 mph will lead to continued weakening today as it crosses the Yucatan Peninsula. The storm will probably be a tropical depression when it emerges over the Gulf of Mexico on Tuesday--if it survives the crossing. If Richard does survive the crossing, moderate wind shear and dry air over the southern Gulf of Mexico should keep the storm from intensifying. Richard should dissipate....From the Friday post:
|From the Friday post:||.|