Oil Higher in Emergency Sunday Session

In an emergency trading session before Hurrican Gustav makes landfall the crude oil futures market has traded from $116.65 per barrel to $118.60 per barrel and at 2:50 PM EDT October Crude Oil futures stand at $117.90 per barrel up $2.44 per barrel.

UPDATE: Monday afternoon, 5:09 EDT - October Crude Oil Futures are down $.31 per barral at $111.15. Interesting, a hurricane blows through the Gulf of Mexico oil fields, it blows through the oil industry town of Morgan City and crude is down over $4.00 per barrel.

New York Merc Sunday Trading Session!

In this Bloomberg article about the likely effect of Hurricane Gustav on Gulf of Mexico oil production they point to this notice from the CME Group (the CME Group now owns the NY Merc and I am a CME membership holder) that there will be a Sunday afternoon online trading session in the New York energy markets. The markets open at 2:30 PM EDT with a 2:00 PM EDT pre-opening.