Gas price + The threat of hurricane activity in the Gulf of Mexico will likely result in a higher price by week end. If the new hurricane aims toward the East Coast and stays out of the gulf then it will be ignored. Storage inventory remains at record highs and is putting downward pressure on the price in the longer term.

Crude Price - Crude oil traders are entirely focused on the Middle East, but if no shooting takes place in the next 4 days then the price will likely drift down. Hurricane activity has not had much impact on prices in the last month.

Results Aug. 28 – Sep. 1

September gas futures contracts expired on Tuesday August 29 at a closing price of approximately $6.82 per mmbtu which was down from the prior Friday close of $7.16. October prices closed on Friday September 1 at about $5.88. The most likely reason for the reduced prices is the calming of hurricane Ernesto and its shift in the direction away from the gulf gas and oil platforms.

October oil action was mainly influenced by political considerations as traders were encouraged by the Middle East cease fire holding. October crude contracts closed Friday at $69.19 which is down from the prior Friday close of $72.51.

Gas price - Unless a new hurricane develops, the price will probably end down from $7.16. Overnight trading before the Monday open was as low as $6.49.

Hurricane Ernesto has everyone spooked and resulted in prices rising from 6.73 to 7.16 on Sept. futures contracts.

Gas prices - Anticipate lower prices unless hurricane impacts them. Storage is still above 5 year levels and if there is no gas draw due to hot weather prices will likely move toward $6.00 level.