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McNamara Options' Michael McPartland on Hurricane Sandy's impact on the outlook for oil.
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Eons without power including nymex trader Mike -- part one that we know he's been keeping up with crude oil are Bob gasoline watching the news from his local park.
He's joining us now on the phone from Edgewater New Jersey where Mike what are you doing today understanding put your hand signals down -- your hands and started helping people on the coast of the Hudson River.
Yeah alleged it was pretty it was throughout the -- storm I've ever ever seen I think anybody who lived -- their allies the that is seen and the devastation.
Peanut I walked up there rusty here and -- she'd like down at about three point be done Atlantic City managers sure they would devastated so.
What you know it was devastating -- and -- -- -- no choice but about the market being closed.
I mean.
The electronic markets work but I think you need people who -- them so I mean.
Incorporate it would it would help -- birthday today's data -- -- but it should be looked back yeah but they'll you -- going forward.
As far as you know crude oil today is what I saw here -- it really didn't do much and now or about gasoline this bank -- -- okay.
I don't wanna talk about but first let me just give you this bit of news that I Sandra Smith who's at the CME which owns the nymex where you trade.
Is just coming in with this.
New York trading floor to reopen but only contingent.
Upon lifting of the New York city's own -- evacuation order -- want to -- our viewers know.
That the nymex trading floor is smack at the box from a Battery Park Comex gold also trades there as well what else.
What it got gold bedecked shoulder you've got that crude all the products and resources well I heard the same -- a little while I just got a text accord between march Dana we're going to be open tomorrow -- -- discretion communion.
But I I believe Mayor Bloomberg has through a live -- -- evacuation zone states.
In order for that to happen but maybe has unofficially or maybe just -- -- I think I've got this is so -- many officials each -- that we're going to be open.
Mark OK now that we have a picture we have a picture that that you sent us.
It is our shot -- about I want to let people know this because this is my home town to.
Right there in Edgewater New Jersey the boat has been lifted several feet because the water is several feet below that edge.
Up August what does that is that -- is that somebody's backyard.
That's almost like Freddie aren't quick to be opposite -- that swept to -- -- just don't know I'm I'm on the west side of river road so just audio said he -- -- river Roche is a walkway there it goes along the Hudson River.
And that boat broke loose and let them -- -- down.
And ended up to risking -- there.
And on how long it's gonna be -- -- I think it's gonna get them -- long time I was.
A couple of local readers this morning trying to help out -- it was there was so much damage and doing nothing you can do.
Until you know -- come down which -- which direction he's gonna going.
OK let me just give some prices here we can throw up the board as well now not next are Bob gasoline natural gas they were trading in the Chicago Mercantile Exchange -- of that was happening for the futures.
Nymex crude futures this is the after market.
Up only six pennies so we're looking at 85 dollars sixty cents a barrel also still well below 86 dollars and this is our Bob gasoline at.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- Because our Bob you would think a lot of the gas stations are running out it's hard to get the product into the gas stations at this point.
But is it simply based on the fact that there will be less demand as people are still hiding in their homes and not able to move about.
You know -- -- -- -- -- put about that is ridiculous supply demand destruction based based supply there's plenty of supply out there but I don't we got this situation what he had done with Katrina.
What -- price it is took part because that's what -- -- aren't we worked.
And you know a lot of things we shut down dory Katrina.
You don't have that situation he did ample supply out there are so like like the markets reacted -- -- in in -- -- what I.
I think that's what you gonna have going forward and that 85 dollar level include.
-- building the bottom you know -- more awful lot.
So I don't you know and I'm which is right around our area going voted the -- the other thing -- -- is storm.
It in perspective -- -- and the bicycle -- that we.
I think they actually you know different skittish -- trip.
I don't think it's necessarily due to distort the people -- -- drop that you -- this -- as well as it settles into each other out.
OK so it'll say like the stays safe Mike and I assume you'll be back on the floor of the nymex if they open at thank you so much for joining us -- -- -- Nymex trader -- -- in Edgewater New Jersey we've got.
