Last week's bad news was unfortunately topped off with the 8.9 mega-quake in Japan. The earthquake damage, followed by the tsunami, was massive. In the end, the resulting tsunami may be responsible for thousands of deaths.
Concrete information of the devastation wasn't known last Friday so there was no affect on the market. This coming week may not go the same way and the main reason may be due to the Fukushima nuclear reactor. It was shut down due to quake damage and its output will need to be replaced by greater OIL demand.
However, it got worse: the nuclear reactor exploded as seen here
Concrete information of the devastation wasn't known last Friday so there was no affect on the market. This coming week may not go the same way and the main reason may be due to the Fukushima nuclear reactor. It was shut down due to quake damage and its output will need to be replaced by greater OIL demand.
However, it got worse: the nuclear reactor exploded as seen here
The reports initially claimed that this was not a core explosion; however, reports from STRATFOR disagree.
Japan's Nuclear and Industrial Safety Agency (NISA) said March 12 that the explosion at the Fukushima Daiichi No. 1 nuclear plant could only have been caused by a meltdown of the reactor core, Japanese daily Nikkei reported. This statement seemed somewhat at odds with Japanese Chief Cabinet Secretary Yukio Edano's comments earlier March 12, in which he said "the walls of the building containing the reactor were destroyed, meaning that the metal container encasing the reactor did not explode."
Read more: Japanese Government Confirms Meltdown | STRATFOR
Since then, more reactors have failed.
This is a terrible tragedy and more news will be revealed as this week unfolds.
Trade Date: 3/11/11
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