WTI crude down more than 3%
The oil chart is looking increasingly ominous as the August lows give way in WTI crude.
Analyzing the storm is tricky but what's increasingly clear is that it will have a much bigger effect on refining than on production.
That's going to mean even more oil in storage and that's something that's plagued crude for two years.
Technically, the series of lower highs is beginning to build. The July 24 low of $45.40 still looks far away but given that oil was at $48 earlier, it could be a quick trip and if that level goes, I expect a return to the June lows.
Just now, a Reuters report says the largest refinery in the US is considering a shutdown.
