Looks like folks can breathe a sigh of relief… for now.
The NHC downgraded Gustav to a category two hurricane this morning, providing relief to a Gulf area that had been battered just 3 years ago by Katrina.
At 10am EDT, oil was trading down nearly $3/bbl while gasoline shed 6-cents.
Looks like there shouldn’t be any hike as a direct result of this storm… however, we are still waiting on damage reports from LOOP, offshore rigs, and refineries on the mainland. Any damage does have the potential to “shock” the market.