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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who started this subject	5/24/2004 10:01:12 PM
From: russwinter	Read Replies (1) of 110194

Shit happens du jour: ***NYMEX OVERVIEW: MARKET TAKES OFF AS REPORTS OF OIL PLATFORM SHUTDOWN SURFACE 2004-05-24 11:32:31 EDT Crude oil prices have jumped past $41/bbl this morning picked up refined products with it as news circulated the trading pits that the Mars oil platform off the coast of Louisiana had to be shutdown. Wire reports indicate that Shell's Mars oil platform will be shutdown for a minimum of 10 days and could be shutdown for as long as 60 days after a leak had been discovered. Mars is critical in sending crude oil to Gulf Coast refineries as well as the Louisiana Offshore Oil Port (LOOP). Traders on the floor tell OPIS that some of the big players knew about this last night, but for the most part the news did not circulate to the rest of the floor until recently. This could turn out to be a significant fundamental event, especially if the downtime is at the higher end of the possible downtime and has completely shoved aside OPEC pledging to keep oil markets well-supplied. "So much for the bearish news over the weekend," NYMEX floor trader Tony Rosado said. July crude oil has jumped by more than $1/bbl and was last seen trading at $41.30/bbl up $1.37/bbl. Gasoline is moving right along with it as June gasoline is now up roughly 4cts at $1.457/gal after trading as high as $1.46/gal. The spread between June and July gasoline still remains very high at almost 9cts/gal. Heating oil has also picked up more than 4cts, last trading at $1.0365/gal.

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