- Crude oil prices were little changed after OPEC and its allies stuck with a plan to increase oil production, estimating the market can assimilate the extra supply
- The uncommonly short OPEC meeting on Wednesday ratified a 400 MMBbl/d increase scheduled for next month
- U.S. Gulf Coast oil and gas infrastructure continues to assess the impact of Hurricane Ida
- It could be some time before the full extent of the damage to the Gulf Coast is known (Bloomberg)
- Access to many facilities along the Louisiana coast is still severely limited
- Electricity was restored to parts in and around New Orleans, Louisiana, last night, but petrochemical assets and refiners may still be weeks away from returning to full strength (Argus)
- Local utility Entergy said its online map of power outages in Louisiana was showing fewer than 800k people without power on Wednesday
- U.S. oil stocks fell by 7.2 MMBbl last week, the fourth straight week to the lowest since September 2019 (EIA)
- Gasoline stocks rose during the week ended August 27 by 1.3 MMBbl to 227.2 MMBbl
- Traders took the overall inventory report in stride with little price change in the overall net-bullish report from the EIA
- Expect a more volatile statistic report from the government next Wednesday as the time frame will capture the effects of Hurricane Ida