Seems like Obama now has political cover to pump the SPR dry between now and November.

Typically, hurricanes prompt shut-downs of offshore oil rigs, crimping supplies temporarily. The Strategic Petroleum Reserve is designed to add supplies to the market under such conditions. There was already tlk of SPR releases to influence prices before the election, so now that the storm is brewing, seems only a matter of time before the taps are opened.

Oil falling like a rock, down $3 to $94.44.

This is a CAD/JPY negative. CAD is closely correlated to the oil price, while Japan’s oil bill just fell significantly…