The big March snowstorm that is going to bury the northeast, as well as cold and snow in the midwest, is already having an effect on a lot of different markets in a lot of different ways. We saw oil and products struggle as grounded airlines and snowbound travelers will reduce the demand for jet fuel and gasoline. We also saw electricity and power prices soar and a rally for natural gas as we get the demand we failed to get in February now in March.
Open interest declined by 84,000 in 10-year Treasuries as a result of yesterday's activity. Traders removed positions before they headed out the doors in New York in front of what might have been a record breaking storm.