Could see oil prices fall below $30 a barrel: Expert
The Schork Group Principal Stephen Schork on his outlook for oil and gas prices.
FAIRHOPE, Ala. (Reuters) – Hurricane Sally made landfall on Alabama's Gulf Coast on Wednesday morning as a Category Two hurricane, after winds intensified overnight.
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Winds were clocked at 105 miles per hour (165 km per hour), able to cause extensive damage, according to the five-step Saffir-Simpson scale. The hurricane also poses the risk of "catastrophic and life-threatening'' flooding along portions of the north-central Gulf Coast, the National Hurricane Center said in an advisory around 5 a.m. CDT (1000 GMT).
The NHC earlier said the hurricane could bring more than 2 feet (60 cm) of rain to some areas as it creeps inland.
OIL PRICES CLIMB AS HURRICANE SALLY REACHES MISSISSIPPI
Sally made landfall at Gulf Shores, Alabama, and was creeping toward the Alabama-Florida border at 3 mph (5 kph). Its winds and rains will stretch from Mississippi to the Florida Panhandle, the NHC said.