Oil slides below $99 - Markets relieved....so why are prices.....????

[spanone]

In a special early-Sunday electronic trading session, crude futures fall after early reports suggest that Ike may not have caused significant damage to refineries.


"The market is expressing some relief," said Andrew Lebow, a broker at MF Global in New York. "We were worried on Friday that the storm surge would flood the refineries, but right now it looks like that was not the case."

Still, the market was waiting for more information from the region, Lebow said.

Another analyst agreed that the full picture isn't complete. But with refineries out of power, demand for crude will be weaker.

Ike "has hurt the demand side for crude more than the supply side," said Phil Flynn, senior market analyst at Alaron Trading.

http://money.cnn.com/2008/09/14/markets/oil/index.htm?cnn=yes

[depakid]

1. Retail prices will be affected by local shortages

Crude prices have dropped due in part to demand destruction and strenthening in the US dollar.

Somewhat different beasts.

[Purveyor]

2. Our local price peaked at $4.18 yesterday but has already dropped back to

$4.08