The track has been moving to the east, away from the really big refineries in the Houston area. The storm is still serious.

Quite simply, the strong Pacific flow is continuing to inhibit any major intrusions of Arctic air into the lower 48. The winter is rapidly coming to an end for all practical purposes.

Natural gas is taking its cue from crude and is being dragged along for the ride.

Inventories are actually still 7 million barrels above the three-year average. Once these refineries start cranking back up, I think you'll see supplies rise pretty quickly.

The recovery continues to be slow. Government reserves will more than make up for reduced production but they will eventually have to be replaced. This will probably end up being the most damaging storm to the industry by far.

There are obviously still some problems out in the Gulf. We will have to wait and see how fast repairs can be made.