Monday, August 4, 2008

Edouard Continues Westward
Oil Prices Not Impacted

Update: At 4 pm Central, Edouard is becoming better organized, but maximum winds are still at 45 mph. The current westerly track at 7 mph is expected to turn more to the west northwest tonight. The storm is forecast to be near hurricane force by landfall in the middle of the day on Tuesday.

As of 1 pm Central, the outer rainbands of Edouard were reaching the Louisiana coast. The Tropical Storm Warning and Hurricane Watch remain in effect. Maximum winds continue at 45 mph.

Meanwhile, despite financial media assumptions to the contrary, Edouard's expected path through the oil rig region of the Gulf has NOT had a positive effect on oil prices. In fact, shortly before noon, prices had dropped as much as $5 to briefly under $120 a barrel in New York commodity trading. Natural gas prices also plunged sharply, as much as 7%. Shipping and some drilling and refining activities were reported affected, however.

Image from NBC WeatherPlus

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