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Hurricane Katrina has made landfall in Louisiana and it’s already causing damage on Wall Street. For the first time ever, crude oil futures soared over $70 a barrel. More than 40% of U.S. oil production operations were closed down this weekend. The stock futures are currently pointing to a weak open today.

Before Katrina is done, she could cost insurers $30 billion. Several of the major insurance companies should open lower today.

The big concern right now is that Katrina is heading towards refining operations. Not only are operations shut, but we also expect to see a lot of damage. Naturally, gas prices could go even higher.

If that isn't enough, remember that September is historically, the market's worst month. Septembers in post-election years are particularly bad.

Posted by edelfenbein at August 29, 2005 8:42 AM