http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2003/09/15/financial1826EDT0337.DTLGasoline futures prices jumped nearly 2 percent Monday on the New York Mercantile Exchange amid growing concern that Hurricane Isabel may strike the East Coast and affect refinery operations or imports.
Crude oil futures fell 0.5 percent, however, continuing their down trend as supply concerns have eased with the passing of the summer driving season and the winter heating season yet to get under way.
Forecasters said Isabel could hit anywhere from North Carolina to New Jersey late Thursday or early Friday with sustained winds of up to 130 mph. The storm is forecast to reach the North Carolina coast early Thursday and be near the Washington, D.C., area by early Friday.
"There's also a little bit of concern that the storm, if it takes a bit of a track north, could disrupt the New York harbor somewhat," said Phil Flynn, analyst with Alaron Trading Corp. in Chicago. "That's one of the reasons we're up so much. The storm track could disrupt gasoline imports, and activity in the New York harbor."