Ida is set to be one of the largest storms to ever hit the US

Refineries in path of hurricane Ida

Hurricane Ida is hours away from making landfall on the coast of Louisiana as a Category 4 hurricane. It has caused widespread offshore oil and (especially) natural gas operations shutdowns. It's now set to cause major damage to the lightly-populated areas of the coast, but could also damage New Orleans.

"Ida's satellite and radar presentation is very impressive, as the 15-nm-wide eye is very well-defined and surrounded by a ring of intense convection," the NHC said in its latest update, with hurricane force winds extending 45 miles.

The storm isn't likely to intensify further.

"Ida's eyewall is nearing the coast of Louisiana, and any additional strengthening seems less likely now given the recent structural changes of the inner core," the NHC said.

The risk for markets now is that it takes refineries offline.

Hurricane Ida

Last year, equally-powerful Hurricane Laura hit the coast near Lake Charles and wrecked the coastal town of Cameron while causing widespread damage in Lake Charles. However refineries were very quickly back up and running and the fallout in energy markets was minimal.