Yesterday, US energy markets took Katrina calmly, coming down off $70 per barrel for light, sweet crude. Today, however, is another matter. NY Harbor gasoline — the basline wholesale price and the futures contract — halted trading for five minutes this morning after trading “limits up,” that is, hitting the contract price band ceiling. In the case of gasoline, that is 25 cents either way from the opening, so gasoline was up 25 cents to more than $2.30 per gallon. However, Dow Jones is reporting US Gulf spot wholesale gasoline selling over $3. Crude is up $3 per barrel, and … Continue reading The Storm After the Calm