Baytex Energy Corp T.BTE

Storm developing in the Caribbean basin

[HighOctane89]

A low pressure system is developing over open water just north of Venezuala and heading toward the Gulf of Mexico . This could be a problem for offshore platforms next week depending on it track and strength . Something to keep an eye on .

[marketsense]

Indeed and there is another storm developing in the futures market(re-oil price,com) $1.5 Trillion EU are at risk in the commodities futures markets due to being trapped in outstanding margin calls.  This is shades of the sub prime mortgage catastrophe where counter party risk called in their positions in effect forcing mass liquidation  and simply refused to participate any longer in

[HighOctane89]

I don't really have any sympathy for traders getting burned by margin calls on short positions which is what this is . Covering those open positions will drive prices higher as people realize there is neither the barrels , the boe's or the money to cover all those phantom barrels sold . If the paper market can't function then the physical market will be driving the bus .  It

[HighOctane89]

Earlier tonight this storm was mentioned on CNBC (which surprised me) , they said NOAA gave it a 90% chance of it developing into a hurricane within 48 hrs and it is on track to enter the Gulf of Mexico next week . I don't know if the paper market will trade on this tomorrow or wait until Monday . Regardless , you can't jawbone this away so we watch and wait .