It is possible that the the drop in new manufacturing orders came about because of Hurricane Sandy, but it did not seem to make a difference to oil traders who are worried about going over the fiscal cliff.
The International Energy Agency lowered its world oil-demand forecast for this quarter for a second time, citing weakness in Europe’s economy and disruption to U.S. fuel delivery and travel by Hurricane Sandy.
Crude rose the most in a month on forecasts that U.S. gasoline supplies dropped after Hurricane Sandy forced the shutdown of East Coast refineries and as Americans went to the polls to pick a president.
A number of analysts have tried to paint a silver lining around Hurricane Sandy by toting the increased spending that will result from the clean-up. On its face, it seems a fair enough statement, but is it?