Oil Price - Oct 6

[dan_s]

My take is that oil prices are down today because of concerns over Hurricane Nate, which is going to hit South Louisiana early Sunday morning. It now looks like it will strengthen to a Cat 2 before reaching landfall. New Orleans is on the wrong side of this one if it stays on course. If it moves east of New Orleans it will be good news. Water levels are already two feet above normal, which is not good for a city that is below sea level.

Hurricane Harvey caused significant damage to refineries and lowered demand for crude oil. Very little risk of that happening with Nate.

Stronger dollar also pressuring oil.