- Oil prices remain steady ahead of today’s OPEC+ meeting that is likely to result in a further rise in supply
- OPEC and its allies are expected to confirm a plan to pump an additional 400 MBbl/d in October
- Producers and refineries are still assessing the impact on operations after the passage of Ida
- The U.S.’s largest base supporting the Gulf of Mexico offshore oil industry will take weeks to recover from Ida’s destruction (Bloomberg)
- Chett Chiasson, executive director of the Great Lafourche Port Commission, told National Public Radio on Tuesday, “How many weeks is a good question” and “We have a long road ahead of us, and there’s a lot of damage for us to assess and try to recover from.”
- Port Fourchon port commission spokesman Thad Angelloz told Platts that there was damage to the port’s facilities, but it looks like a lot of key infrastructures remain and seems to have stood up well to the category four hurricane
- According to BSEE, 93.69%, or 1.7 MMBbl/d of oil production remains offline in the gulf
- AEGIS notes that with mostly flat price action in WTI, traders are likely uncertain whether the reduction in supply offsets the downstream demand outages at the moment
- EIA crude oil inventory data weekly survey
- Bloomberg Survey
- U.S. Crude oil inventories: -2,926 MMBbl/d
- U.S. Gasoline inventories: -1,368 MMBbl/d
- U.S. Distillate inventory: -809 MMBbl/d
- Refinery utilization (change): -0.35%