- West Texas Intermediate is poised to settle Friday with its largest weekly gain in 11 months
- WTI is up almost 10% for the week
- Tropical Storm Ida is moving to the U.S. coast, hitting oil and gas production
- Ida is the ninth storm of the 2021 Atlantic hurricane season and is passing through the Cayman Islands on its way to landfall in Lousiana (NOAA)
- It is expected to reach hurricane strength over the gulf Saturday and make landfall late Sunday or Monday
- AEGIS notes that any oil production curtailed due to the storm will likely return reasonably quickly. Import/export cargoes can also be delayed
- China may release fresh oil import quotas for independent refiners by October (Bloomberg)
- The new quotas could spur an increase in purchases of oil, according to Energy Aspects, which said a crackdown on the sector is likely in its final stages
- The “teapot” refiners operate differently than China’s state-owned refiners
- An increase in quotas could drive more oil demand from China