S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Energy

No Crude Spike from Isaac

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Oil traders ignored the fact that Hurricane Isaac, now a Category 1 storm, stepped ashore in Louisiana. WTI crude actually dipped nearly $1 to $95.55. Despite the billions of dollars of damage the rain and wind from Isaac will bring, there is no evidence that rigs in the Gulf of Mexico or refineries along its shores will be off-line for more than a day or two. The storm did not turn out to be the menace — to the ability to drill oil, make it into gas or ship it to regions of the United States where demand is strong — it might have been if it had been much more powerful.

The lack of effect on oil prices also will hurt the chance that a request by G7 finance ministers for oil-producing nations to increase their activity will be taken seriously. The supply of oil is no worse than it was a week ago.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Jon C. Ogg |

Hurricane Center: Now There are Two Named Atlantic Tropical Storms

Tropical Storm Isaac is expected to be Hurricane Isaac early next week as it approaches the United States.  While this…
Jon C. Ogg |

TS/Hurricane Isaac Poses Threat to Tampa and Republican National Convention

Tropical Storm Isaac, which is expected to become Hurricane Isaac, has an interesting political twist.  With finance being such a…
Douglas A. McIntyre |

Tropical Storm Isaac Damage May Reach $27 Billion

Leaving aside what damage and disruption Tropical Storm Isaac could cause for the Republic Convention in Tampa, research firm CoreLogic estimates residential…
Douglas A. McIntyre |

Damage Estimates For Isaac Raised To $36 Billion

Along with whatever setbacks Isaac has caused to the Republican National Convention in Tampa as it crosses the Florida Keys into the…
Trey Thoelcke |

Tropical Storm Isaac Shuts Gulf Coast Refineries

As Tropical Storm Isaac is forecast to turn into a Category 2 Hurricane before its makes landfall near New Orleans,…
Jon C. Ogg |

TS/Hurricane Isaac Posing Threat To Gulf Oil & Gas Production

What is currently Tropical Storm Isaac is expected to become Hurricane Isaac by Tuesday morning in the Gulf of Mexico. …
Douglas A. McIntyre |

What’s Important in the Financial World (8/28/2012)

Isaac Shuts Gulf Coast Refineries As Tropical Storm Isaac is forecast to turn into a Category 2 Hurricane before its…
Douglas A. McIntyre |

What’s Important in the Financial World (8/29/2012)

Crude Drops Despite Hurricane Oil traders ignored the fact that Hurricane Isaac, now a Category 1 storm, stepped ashore in…
Trey Thoelcke |

Brent Crude Under $113 as Isaac Approaches

Even as Tropical Storm Isaac heads into the Gulf of Mexico and forces companies to halt U.S. oil production there,…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618