20050711 Bloomberg TV reports: The hurricane Dennis is expected to be one of the strongest and biggest to hit the mainland USA. It has already killed 32 in Cuba. BUT the oil price has dropped for the last 3 days?? Because the hurricane missed the oil rigs in the area. The reporter says when there is hurricane in the area, traders are well aware of the damage it can cause to oil rigs and refineries and hence the oil price should 'spike'. I thought hurricanes are 1000km in diameter, and this Dennis is "one of the most ferocious for 150 years, with winds of up to 120 miles per hour", so I wonder how it can 'miss' the oil rigs? Moral here is don't listen to this sort of 'news', the chart will tell the story without all the greying of facts and expectations.

Crude Oil futures chart