Oil Stable at $114 On Storm Fears

It seems oil would have continued its retreat early this morning if not for Tropical Storm Fay.

Oil is up just a few pennies and is steady below $114, but Shell (RDS.A) and Marathon (MRO) have pulled non-essential workers from the eastern and central Gulf of Mexico due to the storm threat. While offshore production is currently unaffected, some computer models are predicting Fay will enter eastern Gulf of production areas early this week before making landfall.

The last Tropical Storm that neared the Gulf Coast, Edouard, sent shivers through the market. Now Fay is doing the same. Considering the 2008 Atlantic Hurrican season is supposed to be “well above average”, the best way to cash in on the expected volatility might be to see what bets your local meteorologist is making.

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