Isaac Damage To Rigs and Refineries Minimal

On August 30, 2012 by TradingDesk

Preliminary reports suggest that oil platforms and refineries in the path of Isaac have weathered the storm without major damage, and in some cases operations are expected to begin restarting before the weekend.

Equity markets are enjoying their last few days of summer vacation, with very little activity taking place. Yesterday’s FED “beige book” report showed that the US economy continues to grow at a very slow rate, which was supported by this morning’s personal consumption and income data, and leaves many doubting that Ben Bernanke is ready to announce another round of quantitative easing at this week’s meeting.

We are 2-3 weeks away from our typical seasonal peak in energy prices. Without clear direction from stocks, and technical studies starting to show weakness but still favoring the bulls slightly, I’d expect we drift higher ahead of the weekend.

CLICK HERE for a PDF of this morning’s charts

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