NGX5 is now trading above Friday's close.

Its not a reversal, but the potential is certainly there.

Having said that, my take is that there is too-little information to make a truly informed decision right now, just like at the start of last week there was too-little known about Rita to justify the enormous spike the news of the storm caused.

I won't be too surprised if energy markets chop about a bit without selling off dramatically, until more is known... and the known is bad enough. Even normal refinery restart procedures will impact supply of products; there's bound to be more NG processing plant outages than before the storm; and off-shore production will take days to even recover to Katrina levels plus there virtually has to be some long term  or extra-long term impact from Rita to add onto the long term Katrina impact.

Futures traders don't act on perfect info; due to the leverage inherent in the instrument, they act quick, when right but especially when wrong.

I've no idea what we face tomorrow or the next day but will not be surprised to see energy futures trading higher. Few seem to expect that, and often when that's the case, price heads where its least expected to go.