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John Woods, JJ Woods & Associates gas trader, on energy prices ahead of Tropical Storm Isaac.
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That's -- oil is closing lower today down twelve cents to 96 dollars and fifteen cents per barrel.
Despite tropical storm -- barreling toward the Gulf of Mexico.
BP heating and evacuating workers at its thunder horse platform.
But the rent -- NYNEX and trader John Woods -- JJ woods & Associates.
So interesting with the storm approaching -- is a little lower here today but I know that there are some other factors at work here what how do you see it time.
-- you know we're looking at is that a market that's just screamed up to what 97 and half 98 dollars.
And it's Friday that people are taking money off the table in the lightening positions I mean like your previous -- said.
I don't really knows where the storm's gonna go what you mean the other still long this market but it's nice to take a couple bucks off the table the end of the week.
Natural gas futures said John edging higher gold ought to solar reported inventories rose last week highlight expected -- -- natural gas that it.
Well actually you know natural gas we tested that 27 -- -- and today we got a size 287 earlier in the session.
But overall I think natural gas is still gonna continue to move down I mean BP did evacuate platforms and such but I mean in this point all models are indicating that it's gonna.
Basically go wait up the pain pumps are -- up Florida really not disrupt.
Production of that.
-- but I mean we're looking probably about 255 to 260 for natural gas.
And John you've probably seen this the petroleum economist reporting today that IEA may release oil reserves is seen as September.
Could that be a little bearish for prices today.
Oddly that's real bearish on the night you know it might be a coincidence that the families that are on elections and it's now that -- -- point.
That's what I'm -- and but do we need those reserves to be open to be honest.
John -- make do we need those reserves to be open.
-- -- -- -- -- -- OK John Dunn little big they would -- -- when you got that here right that I am reserves being.
Released right around the election time you know I don't coincidence says more the reaction you get a chuckling classify.
