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Comments - USA - Could Katrina mark oil's peak?
Lack of further price surge is telling - What, no superspike?
SAN FRANCISCO,CAL,USA -Market Watch, by David Callaway -Aug. 31, 2005: -- If the devastation of New Orleans and the closing of oil refineries across the Gulf of Mexico wasn't enough to spur crude oil prices much past $70 a barrel, you have to wonder what else could be... Here's a region that generates almost a third of the oil used in the United States, effectively shut down by a natural disaster, and yet oil prices actually fell on Wednesday... Granted, the White House acted quickly to tap some of the strategic oil reserves, and the Federal Reserve did its part by not feeding into the talk of recession. But still, with the prospect of some refineries being out of commission for days or even weeks, and gasoline prices leaping in the pits and at the pumps, one might think this is the perfect opportunity for traders to push the market higher... For months now, oil watchers have tried to envision just what type of catalyst could cause the so-called "superspike," a term coined by a Goldman Sachs analyst, who laid out the possibility of a dramatic increase in oil to more than $100 a barrel earlier this year...
posted by Unknown @ 10:07 AM
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