"Catastrophic as Ike was, particularly for low-lying costal areas in Texas, the system appeared to miss vital concentrations of oil and petrochemical refineries in the state,"
MF Global's Ed Meir said in a report regarding the Hurricane damage casued by Hurricane Ike.
"Hurricanes are usually very supportive for products, especially if they damage LOOP [the Louisiana Offshore Oil Port], but we have had two threatening hurricanes and prices have come off. The gasoline crack has lost $3/b since Friday when it settled at $15/b",
a London-based broker said on the price sensitivity of crude futures following historical damage to the Louisiana Offshore Oil Port.
Updated: September 15, 2008
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