Crude oil prices the last week of May and into June began to soften in many of the world's markets. Unfortunately price volatility in the market indicates that there is no clear direction for future prices.

As of this writing, 12 refineries, accounting for approximately 18 per cent of US capacity, are still out of service. Many analysts predict that it could be weeks before the lost capacity is back on-line. Prices, which reached $70.85 in the immediate aftermath of the storm, fell back throughout September as traders realised that crude oil demand appeared to be hampered by the refinery outages.