A massive hurricane was a near miss
Hurricane Laura landed on the Louisiana coast as a Category 4 storm – the worst in state history.
There are signs of significant wind damage at Lake Charles, but fears of flooding have not materialized and that means refineries could restart quickly. There was talk of a storm surge that could pierce the dikes of the lower town, but that did not happen. The wave just didn’t penetrate this far inland, with the storm moving quickly.
The overall track of the storm was also a near miss. It made landfall in Cameron, LA, a sparsely populated area that was ravaged by previous hurricanes. A short distance to the west is Port Arthur, Texas, which is the heart of the refining industry in the United States. He seems to have been largely spared.
All in all, it remains a terrible tragedy for the people who were struck and continue to be affected by the hurricane, but it is far from the worst case scenario. As a result, crude prices fall (with the help of the strength of the dollar as well).