Tropical Storm Isaac is set to become a hurricane before making landfall in Louisiana. The storm is not expected to be a major hurricane, but there is a saying that all hurricanes are major if you and your city have to endure them. With close to 80% of the Gulf of Mexico’s oil production now shut-in, we wanted to see how the key readings were in oil and gas since much of the infrastructure and transportation system around the New Orleans area is at risk.
Crude oil is up $0.53 at $96.00 per barrel. This was at $98.00 just on Thursday when the storm looked like it posed a risk to the offshore oil and gas in the area. United States Oil (NYSEMKT: USO) is up 0.5% at $35.80, and this was at $36.40 last Thursday but bottomed out yesterday at about $35.20.
United States Gasoline (NYSEMKT: UGA) is now actually down 1.1% at $59.16 as fears are abating that the storm will intensify. This was above $60.00 just yesterday.
Lastly, United States Natural Gas (NYSEMKT: UNG) is up 0.7% at $18.09, but this was above $19.20 on last Thursday and this is the first increase we have seen today.
The big trick is simple, yet complicated (and controversial). The reality is that a lot really depends on the levees in and around the New Orleans area. In theory they are sound. Until they are tested live, it is theory.
National Hurricane Center Update at 11:00 AM EST as follows: ISAAC STILL JUST BELOW HURRICANE STRENGTH AS IT CONTINUES NORTHWESTWARD… MAXIMUM SUSTAINED WINDS 70 MPH. A HURRICANE WARNING IS IN EFFECT FOR EAST OF MORGAN CITY LOUISIANA TO THE MISSISSIPPI-ALABAMA BORDER, INCLUDING METROPOLITAN NEW ORLEANS, LAKE PONTCHARTRAIN, AND LAKE MAUREPAS.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
