Hurricane Laura is now a major Category 3 storm, intensifying faster than scientists had expected, and is forecast to be a Category 4 by the end of today. Laura could bring storm surge of nearly 13 feet to the coastline as well as flash flooding and tornadoes on land. The storm battered the Dominican Republic, Puerto Rico and Haiti over the weekend, knocking out power for more than 1 million people, collapsing some homes and killing at least 23 people.
Oil prices have moved up slightly, however scientists believe that once Hurricane Laura passes, parts of the U.S. Gulf Coast will be left uninhabitable and the cost of the destruction could exceed $20-$25 billion dollars. The storm could affect as much as 84% of oil output, with today’s inventory numbers, expect oil to remain strong in the short term.
North American stock markets remain fairly healthy causing further investing in higher risk assets, the Canadian dollar is benefitting from this as well as commodities. Expect a narrow range again today.
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