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A Little Relief

The CME has declared force majeure for heating oil shipments into NY for August.

Hurricane Irene’s dirty work is thwarted. The order gives and extension of 5 days from the originally scheduled due date to make deliveries.

Per Wikipedia

Force majeure (French) or vis major (Latin) “superior force”, also known as cas fortuit (French) or casus fortuitus (Latin) “chance occurrence, unavoidable accident”,[1] is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, or an event described by the legal term act of God (such as hurricane, flooding, earthquake, volcanic eruption, etc.), prevents one or both parties from fulfilling their obligations under the contract.[2]

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