So, what is going on in the wild, wonderful world of crude? Well, weather-related and supply concerns initially shoved black gold to an early all-time intraday high of $80.12 per barrel after hitting an all-time high of $80.20 in electronic trading. After yesterday's 2.2%, supply driven advance for black gold, we learned that Valero Energy had to shut down a Texas refinery thanks to a power outage from the hurricane in the area. In an email, the company noted that it is not clear how long the outage will last, but the company is mobilizing equipment to assist the refinery. The company did state that production at refineries in Corpus Christi, Houston, and Texas City were not affected by Hurricane Humberto. At last check, oil had pulled back, dropping more than a dollar to $78.29 per barrel.
As black gold retreats from the 80 level, natural gas has pulled back as well. After yesterday's 8% jump thanks to Hurricane Humberto, the front-month contract has slipped 22.8 cents to $6.21 per million British thermal units.