The average person has no idea how expensive things are going to be this winter. It's not going to sink in until they get the first bill, and then the politicians will be screaming in the streets.
RSI reached the lowest level ever in the history of the February contract.
All those factors combined have really smacked this market back down. You're going to have a lot of industrial demand go off line.
What's really driving us here is continued concern about how much damage has been done by either Rita or Katrina. It looks like things are a little worse than originally assumed, and things aren't coming back on line as quickly as thought.
We're way oversold. They've thrown about as much bearish news at this market as you possibly can.
This is what we should do when it's 54 degrees in Chicago in January.
The fact that we are in such good shape with storage is what the market is focused on now.
The market has factored in a lot of damage beforehand, in anticipation that this storm will equal or exceed the damage caused by Ivan. Prices may fall as reports come in.
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