With the lack of tier-1 economic data today, the focus is likely on Hurricane Sandy which is reported to have surpassed Hurricane Lili in 1996 as the second largest Atlantic storm over the past 24 years. The disruption has so far been significant: Traffics in the NYC have been affected with subways, buses and trains stopped running about 3 hours and over 3K flights cancelled. New York and New Jersey tunnels and bridges are highly likely to be closed tomorrow. Gasoline prices soared as the storm strengthened as refining companies began to evacuate staff. Companies such as Phillips 66, NuStar Energy and Hess said they are shutting or reducing output at New Jersey refineries.
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