The longer term impact of Katrina may be felt much more intensely in North American natural gas markets, which like refining have displayed a new dimension of vulnerability.

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The biggest immediate worry is of another storm coming at a time when the region's infrastructure is fragile and in disarray.

The size of the supply hole is gradually becoming clearer.

Had he called for a ruling, we would have had him go back to where his original ball was and replace it with a two-stroke penalty for moving a ball in play. It gets complicated. He obviously would have made a rather large score on the hole.