HURRICANE ISAIAS UPDATE - 8:00 AM ET PATH • NEW (NHC Intermediate Advisory 11A, 7 AM CDT): "ISAIAS ON THE CUSP OF MAJOR HURRICANE STRENGTH"; 110 mph (1 mph below Cat 3), pressure down to 958 mb (from 963 mb at the 5am advisory), 27.0N 87.7W, ~245 mi S of Pensacola, NNE 15 mph. No watch/warning changes. • Corroborates the overnight recon tip (973 to 962 mb) and the "likely Cat 3 this morning" tip. • Forecast peak ~121 mph Cat 3 midday; landfall tonight near Pensacola/AL-FL line. • Surge Warning mouth of Mississippi River to Suwannee River: 5-7 ft Ocean Springs to Indian Pass; 3-7 in rain (up to 10-15 localized). • TS-force winds earliest reasonable arrival Pensacola Beach ~1 PM CT (most likely 2 PM CT); Navarre Beach ~2 PM CT earliest (most likely 3 PM CT). NHC_TAFB peak seas near 32 ft. • Unconfirmed X tip: DeSantis in Pensacola Saturday 7am with Ashley Moody for an Isaias update. DeSantis (X, Oct 7): preparing for landfall in the Mobile-Pensacola region as a category 3. RIGS • No new BSEE report; Thursday 11am CT numbers stand: ~1.28M bpd / 62.9% of oil shut in, 57.4% of gas (~1.13 Bcf/d); 121 of 371 platforms evacuated; 5 non-DP rigs evacuated, 4 DP rigs moved off location; 12 companies reporting. • Next report expected this afternoon (~2pm ET). • BP shut in Na Kika and Thunder Horse (all personnel off), non-essential off Argos, Atlantis, Mad Dog. Shell halted Mars, Olympus, Ursa, Vito, Appomattox. Chevron shut in production at five Gulf facilities. Harbour curbing select facilities. • Earth Science Associates: ~9M barrels of total production lost. Enki's Watson: under a week if the track holds; Enki damage estimate over $4.5B if effects extend eastward to Pensacola/Eglin AFB. REFINERIES • Still no shutdown announced. Pascagoula remains the plant at risk. • Argus: Pascagoula (356,000 bpd) named among the threatened onshore refineries; Louisiana complex (Chalmette, Garyville, Norco, St Charles) likely to be spared the most severe impacts on the current track. • Chevron: onshore facilities "continue to follow our established storm response procedures and are closely monitoring the projected path." • ~500,000 bpd of refining capacity in the path incl. Chevron Pascagoula (369,000 bpd, gasoline/diesel/jet/premium base oils); Vertex Saraland north of Mobile near the track; Hunt Refining assets + Mobile Bay import docks (Plains, Vertex, Hunt) exposed via port closures. • Jefferies calling it a "fuel supply event"; Mizuho's Yawger: "could be a gigantic event." • Retail diesel $6.30 vs $3.68 a year ago; diesel crack near $64/bbl vs ~$25 a year ago (EIA Oct 6). TERMINALS/PORTS • Port of Mobile under Port Condition Yankee (gale-force winds expected within 24h); vessel operations at public berths suspended since 1pm ET Thursday. • Ports of Plaquemines, New Orleans, St Bernard set to X-ray Oct 7, still open to commercial traffic. • Pensacola International suspends commercial ops 10am CT Friday. Mandatory evacuations Zones A and B, Pensacola Beach and Perdido Key. • AL Gov. Ivey ordered tourists/visitors south of the Gulf ICW in Baldwin County plus Dauphin Island to evacuate; 9 AL county state offices closed noon CT Friday; 40-county state of emergency. DeSantis expanded FL emergency to 27 North Florida counties. • MISO conservative operations through Oct 10 6pm ET. Mexico's Tuxpan closed since late Monday. SPC severe storm threat Friday and Saturday across the Panhandle/South AL/South GA. DAMAGE • None reported pre-landfall; landfall roughly 10-14 hours out. • Tornado-spawn threat across north Florida; tornado warnings possible overnight. Storm remnants forecast over Kentucky, southern Indiana, Tennessee this weekend. MARKET READ • Brent $103.16 (-0.8%), WTI $90.55 (-0.9%), essentially flat vs the earlier prints. • Driver: Trump ruled out new Iran strikes before the midterms, easing Middle East escalation fears; the 63% of Gulf oil shut in plus Houthi risk premium limiting the decline. • Nat gas Henry Hub $3.13 (-4.6%). • Thursday settle: WTI up 3.6% to $91.49, Brent up 4.1% to $104.28 (touched $105.50 intraday). US refiners above 90% capacity. Latest advisories:

HURRICANE ISAIAS UPDATE, 11:00PM ET PATH • NEW: Advisory 10 (11pm ET). Cat 2, 105 mph (up from 100), 969 mb, ~260 mi S of the Mississippi River mouth, moving NE 14 mph. NHC now says Isaias "could briefly become a major hurricane early Friday"; still forecast a dangerous hurricane at landfall late Friday/early Saturday. • Warnings unchanged: Hurricane Warning Ocean Springs, MS to Bay/Gulf County Line, FL. Storm Surge Warning Mississippi River mouth to Suwannee River. Surge 5-7 ft Dauphin Island, AL to Indian Pass, FL. Rain 4-8 in, isolated 15 in across southern AL, FL Panhandle, Big Bend, SW GA. • X chatter converging on landfall between Ft. Morgan and Destin Friday evening/early Saturday (unconfirmed). RIGS • Unchanged. MMA report 11am CT (latest): 62.89% Gulf oil shut in (1,282,879 bpd), 57.35% gas shut in (1,127 MMcfd). 121 of 371 platforms evacuated. Next MMA update expected 1pm CT Friday. • Company specifics unchanged: Shell (Mars, Olympus, Ursa, Vito, Appomattox), Chevron (4 facilities), Harbour, BP (Na Kika, Thunder Horse). REFINERIES • No shutdown announced. Chevron Pascagoula (356k bpd) still most exposed. Vertex Saraland and Hunt assets near track. • NEW (CNN): US refineries running hard to offset war-driven outages; SPR at lowest since 1982. Yawger: "could be a gigantic event." Jefferies: "fuel supply event hitting a system already stretched by the Iran war"; diesel $6.30 vs $3.68 a year ago (zerohedge). TERMINALS/PORTS • No new info this cycle. Standing: Mobile vessel ops suspended, Mobile Bay shutting down, VPS airport closed, Gulf Shores airport closing 12pm CT Friday. DAMAGE • Pre-landfall, no damage reports. Evacuations stand: mandatory in six FL panhandle counties, Dauphin Island west end, Baldwin County coastal AL; Okaloosa tourist evacuation from noon Thursday; state offices closed Friday in 9 AL counties and Leon County FL. MARKET READ • Thursday session settled hot: Brent +4.8% to ~$105, WTI up. Iran-war drivers dominating: record 10 tankers struck Sep 28-Oct 4 (CNN), Hormuz transits fell to 7 Tuesday (two-month low), Qatar tanker hit with casualties (UKMTO), Houthis damaged 2 Saudi airports, The Atlantic: White House asked Pentagon for Iran strike options ahead of midterms. • Overnight: Brent $103.53-103.78 (-0.7%), WTI $90.97-91.06 (-0.6%) after Trump said no Iran attack before the Nov 3 midterms. Iran's Araqchi: Tehran reviewing a US response that could reopen Hormuz within seven days (Reuters). • AAA: diesel $6.28/gal, regular $4.36/gal. Gulf shut-ins (62.9%) remain secondary to Hormuz as the price driver.