Tropical Storm Edouard is the first storm of this year's hurricane season to seriously threaten oil platforms in the coastal Gulf region of the United States. Fortunately, Edouard is still just a tropical storm, but its proximity to the region and potential to strengthen into a hurricane is putting a floor under crude oil prices for the time being. With the storm already so close to making landfall, it's hard for me to imagine a scenario that could create much risk. Crude oil tonight is trading approximately $1 higher than Friday's closing prices. Click on the image to see the most current map of the storm on the accuweather.com website.Sunday, August 3, 2008
Edouard Pushes Crude Prices Higher
Tropical Storm Edouard is the first storm of this year's hurricane season to seriously threaten oil platforms in the coastal Gulf region of the United States. Fortunately, Edouard is still just a tropical storm, but its proximity to the region and potential to strengthen into a hurricane is putting a floor under crude oil prices for the time being. With the storm already so close to making landfall, it's hard for me to imagine a scenario that could create much risk. Crude oil tonight is trading approximately $1 higher than Friday's closing prices. Click on the image to see the most current map of the storm on the accuweather.com website.
