Hurricane Sandy

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.
Oil prices, as if almost on cue, rallied strong on Black Friday as shoppers were spending money, good data came out of China and good old fashion winter weather.
Gasoline fell as Hess Corp. returned its New Jersey refinery to full production and as crude declined on optimism that Israel and members of the Islamist Hamas movement will agree to a cease-fire.
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.
In its monthly oil market report, the IEA forecast oil demand growth in 2013 unchanged at 0.8 million barrels a day but warned that risks remain skewed to the downside.
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.
The late day spike seemed to start in Brent crude and could be a sign of the market growing uneasy with the violence on the Saudi-Yemen border.
Despite the gas line in New Jersey the market tanked on the reality of demand destruction. Oh sure, the better than expected jobs number also led to a major break as the risk-off trade came into play.
Gas prices should fall as Northeast refiners come back on line and the Colonial pipeline comes back on today!
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?