It was not just the hurricanes that impacted supply as a reported 703,000 barrel drop in Cushing, Okla., helped reduce supply as well. We know that supply will rebound in the coming weeks and the number is supportive but the drawdown in Cushing, Oklahoma is supportive as well. The API also reported a 2.34 million barrel drop in gasoline supply as well as a 944,000 barrel increase in distillate stocks.
Prices for mansions in Houston's swankiest neighborhood have tumbled in lock step with crude prices. The Houston Opera has offered free season tickets to patrons who lost their jobs in the oil bust. A fancy restaurant offers cut-price dinners.
TransCanada Corp. should be barred from building the Keystone XL pipeline to transport Canadian tar-sands crude to Gulf Coast refineries, pipeline opponents urged a Texas appeals court, citing a new state-court precedent.