Hurricane Ike will make landfall in Texas - Trade Only Today

Hurricane Ike will make landfall in Texas

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Texas is bracing for Hurricane Ike, which is expected to make landfall late tonight or early tomorrow morning.

At 8 a.m. EDT Ike was about 365 miles east of Corpus Christi and about 230 miles southeast of Galveston. The Category 2 storm was moving west-northwest at 13 mph, with maximum sustained winds near 105 mph. Ike is expected to become a major hurricane before reaching the coast, according to the National Hurricane Center.

Ike is expected to produce rainfall amounts of 5 to 10 inches in eastern Texas and extreme southwestern Louisiana. Coastal storm surge flooding of up to 20 feet above normal is possible.

With Ike churning through the Gulf Coast, wholesale gas prices are up significantly. On Thursday, wholesale prices ranged from $4 to nearly $5 a gallon in the Gulf Coast region, up from $3 to $3.30 a gallon Wednesday, according to a story on BusinessWeek.com.

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