Hurricane Gustav is currently not a hurricane, the storm was downgraded to a tropical storm after stalling over Haiti which took more power out of it than was originally expected. The time spent over Haiti has also moved the track of Gustav and he’s now heading straight for Jamaica. Maximum sustained winds are currently around 70mph with some stronger gusts and Gustav could be a hurricane again before it makes landfall on Jamaica. Next in line could be the Cayman islands where tourists are being evacuated.
Once past Jamaica, Gustav will be into the warm gulf waters and heading for the U.S. coast anywhere between the Florida panhandle and Texas. New Orleans is on alert for evacuation to prevent any chances of a replay of Katrina. The gulf’s oil production has been forecast to be around 85% shut down over the next couple of days and Gustav is still forecast to be a major hurricane by the time it gets anywhere near the U.S. coast. Gustav’s latest position is below:
To make matters worse, tropical storm Hanna has just formed in the Atlantic. Currently sitting northeast of the Leeward Isles and carrying 40mph winds, Hanna is forecast to strengthen over the coming days and take aim at either the Bahamas or Florida itself. Another storm worth keeping an eye on, bookmark our tropical storm season page to keep up to date. The quick appearance of another storm which could threaten the U.S. will make cat bond investors nervous and will stimulate the derivatives traded on the IFEX. Hanna’s position is below: