02 September 2008 11:11 [Source: ICIS news]
(Recasts with new details throughout)
LONDON (ICIS news)--Hurricane Gustav has been downgraded to a tropical depression after sweeping through Louisiana without replicating the devastation caused by Katrina three years ago, the US National Hurricane Center said on Tuesday.
Maximum sustained winds were near 35 miles/hour (56 km/hour) but were forecast to weaken even further over the next 24 hours, when it was expected to move across western ?xml:namespace>
Television reports showed the damage from Gustav did not approach the devastation that Katrina had left behind.
There were no specific reports yet of damage to refineries or chemical plants, but power supplies were in doubt. Many plants had been shut down ahead of the storm, and restarts may be delayed while electricity networks are restored.
Meanwhile, at 09:16 GMT, NYMEX light sweet crude futures had plummeted by almost $10.00/bbl to take the front month October contract close to $105.50/bbl after reports Gustav had caused minimal damage to oil facilities in the US Gulf.
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