Another approaching hurricane - oil price to go up?

Dragonsbane answered 3 months ago …

Not a chance. The other 3 tropical storms so far are projected to miss the producing regions in the gulf and the refineries on the coast. That and the fact that oil completely collapsed after Gustav passed through (even before the extent of the damage was known) indicates that there is a lot of selling pressure on oil. On a technical basis, I'd want to see oil close two consecutive days above it's 200 day SMA (which it broke today) at around $111.50 before looking to go long. I also have a gut feeling oil will test $100 before we see a bottom (no guarantees it holds).