Energy Markets and Gustav Report

[Tandalayo_Scheisskopf]

In the runup to the storm, it was easy for people to think that energy prices would spike out of site. Happily, this did not happen, not only because Gustav's impact on the offshore drilling and pumping sites was negligeable, but also because supplies were good. Once the snot and spit slingin' was past, the markets reacted in a very unsurprising manner:

CLV08.NYM Crude Oil Oct 08 111.09 Sep 1 Down 0.13 (0.12%)
HOV08.NYM Heating Oil Oct 08 3.0919 Sep 1 Up 0.0079 (0.26%)
NGV08.NYM Natural Gas Oct 08 7.58 Sep 1 Up 0.08 (1.07%)
PNV08.NYM Propane Gas Oct 08 1.74 Aug 29 0.00 (0.00%)
RBV08.NYM RBOB Gasoline Oct 08 2.7584 Sep 1 Up 0.0104 (0.38%)

Remember: If gas and diesel prices spiked where you live, I suggest you call your Department of Consumer Affairs tomorrow. There is no market-based justification for any considerable spikes in price. In fact, prices have come down appreciably.