Oil in Real Time

It's interesting that the price of oil took a big dip in the last hour. It was trading up on the session then rolled over and is nos down almost 1% for the Euro day as 6:55 EST.

Here's my take: U.S. East Coast traders are getting out of bed, holiday or not, and deciding that Gustav is not going to be as bad as feared. Gustav is less that 100 miles from the Louisiana coast and doesn't look yet like it's going to be Category 4 or worse.

It still looks bad but let's avoid the worst.