- Oil prices gave up early morning gains as a rise in the dollar helped offset positive Chinese trade data
- Hurricane Ida’ initial impact on the Gulf of Mexico production has been greater than any other storm in history
- Ida might not have been as destructive or deadly as previous Hurricanes to hit the Gulf Coast, but the effect on production has been greater so far (Bloomberg)
- As of Sunday, 1.52 MMBbl/d of oil production remains offline in the Gulf of Mexico (BSEE)
- Ida has been responsible for the loss of 16.8 MMBbl/d of output in the ten days since the first production platforms were evacuated
- That is 32% more crude than was lost to Katrina, and 42% more than to Gustav/Ike over the same period