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September 2, 2008


Wimpy Gustav Gives Rise to Gap

Oil Falls as Companies Prepare to Resume Output After Hurricane

“Workers from more than 70 percent of the platforms and rigs in the Gulf were evacuated as Gustav approached…. All of the area’s 1.3 million barrels a day of oil and 7.06 billion cubic feet of gas, 95 percent of the total, was shut.

That’s an ugly chart if you’re an energy bull. Hey, where’d all the $200 a barrel guys go?

This entry was posted on Tuesday, September 2nd, 2008 at 6:47 pm (utc+8) and is filed under Energies.

2 Responses to “Wimpy Gustav Gives Rise to Gap”

  1. Keith Shepard said:
    September 2nd, 2008 at 9:06 pm

    Hey, where’d all the $200 a barrel guys go?

    It’s merely a flesh wound. ;)

    I suppose they’d say this is just a “minor” pullback in a greater rally and whip out their weekly crude chart with all the Fibonacci levels on it pointing to the $100 and $88 levels as support. Or something like that. Cheaper crude: will we all go back to driving SUVs? Time to buy GM/Ford stock? Hmmm…

    /not much of a Fibo fan

  2. Jack S said:
    September 3rd, 2008 at 8:31 am

    Hi volume decliners

    lufk,

    mdr on 3x volume and many drillers etc,

    could be trading shorts

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