No, but I did stay at a Holiday Inn Express last night!

Olaf

Natural gas futures spike 15%:

http://money.cnn.com/2005/08/29/markets/nymex/index.htm

Be patient toward all men. --1 Thess. v.

Some people have NO PATIENCE.

Despite all the craziness, no new record today! the closing price is around $67.25 (was around $69 this morning!)

After hitting over $70, it pulled back. It looks like a lot of hedge funds have computers set to sell at 70.
Market is acting very weird.

Dow 30 didn't drop despite this disaster.

Also very good day for the Dow Jones, +84 so far!

It's not that weird. The US gov. expressed a willingness to use the strategic reserve since this is an emergency. They are just waiting to see what happened to all of the oil structures first. So the market starteed heating up, and then came back down on the news the feds might help out.

It seems as if the ‘market’ is under the impression that we averted a disaster by Katrina inching to the East at the last second.

It seems that the ‘market’ consensus at this moment is positive.

I think a ‘head fake’ or ‘short squeeze’ may be in place. It’s odd that an event of this magnitude did not affect the market. Yet … heaven forbid if the ‘market’ does not like a mega-acquisition or looks cross eyed at some obscure govt indicator … BAM … down 1%.

This situation will pan out over then next few days. If the offshore oil rigs and N.O. faired OK, then it is an excuse to move the market up a bit. I think this may be a similar reaction to the recent London Bombings.

The_Toecutter wrote:
I am not willing to pay more than $4 for gas,

In US dollars, I'm paying $7 per galon and I have to suck it.


'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

suck it ? maybe you need a new line of work.

So if Bush starts pumping out of SPR we know that the oil situation in the gulf is damaged severly??? thats my take atleast.

NOBODY is talking yet about real infrastructure damage. Everything is hype and shock value so far. IMHO after reading some other forums/blogs and weather related stuff, I think it is going to be a whole lot worse than many think. Tommorow will be the first time anyone really gets out to the destroyed areas. Places like Grand Isle and the refinieries in Pascagoula may be in very bad shape. I am wondering what a CAT 5 Hurricane has done to the pipelines offshore also.

I have already seen some amatuer video of stuff that looks very bad. Notice how very little mention of deaths so far?? I have a very bad feeling about that. There are reports(unconfirmed) of many, into the hundreds or more but I cant confirm any of it yet. I think its because where life was lost there isnt anyone left to talk about it until someone gets in to actually see it. I also have a gut feeling that the industry is in a state of shock and is playing it close to the vest for the moment.

We are NOT out of the woods, just another indication of how short term and shallow a lot of market traders are I believe.

The Issue of the SPR is going to be very interesting to watch. If I had to call it, I would say initially you wont here about any commitment until there is actually a proven crisis. The markets today didnt support that.

I'm in agreement, the complete lack of real information and the little bits that are coming in are making this sound like it could be real bad. Last number is 54 dead and they haven't really started searching. I can still see $80 coming from this.

Checked the price of gas just now. $2.74 for regular. In West Texas! It was about $1.20 when I came here last year. We have averaged a little below $2.00 most of this year, had $1.45 as late as last December. Scary.

Was only $2.49 yesterday!

It appears that people have figured out that the hurricane was serious. $69.85 up 2.55. A news flash just reported 7 oil rigs are adrift so thats still going to go up.