Hurricane Isaac's Impact On Oil Prices Would Likely be Short-term

In a relatively slow oil market, a turmoil has emerged with shutdowns in the Gulf of Mexico, as Hurricane Isaac nears the region. The tropical storm Isaac has gone from a Tropical cyclone to a full-scale hurricane, making impact with Florida, and is expected to make landfall along the Gulf Coast by early morning on August 29.

The figure below shows the storm path of Hurricane Isaac forecasted by the Energy Information Administration (EIA) on August 27.

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