It’s going to be a very busy and very interesting day for world energy markets today. The NY light, sweet crude contract has already traded at $70 in Singapore. The results of Katrina are likely to make things much, much worse. The Louisiana Offshore Oil Port is closed. It is the only terminal in the US capable of receiving very large oil tankers, such as those used to ship Saudi or Venezuelan crude to the US. Much of the US Gulf of Mexico crude output is probably shut in right now, and will likely remain shut in for some time … Continue reading Busy Day