- West Texas Intermediate remained above $70/Bbl Tuesday morning as another storm spins through the Gulf of Mexico
- About 44% of crude oil capacity in the Gulf remains offline two weeks after Hurricane Ida made landfall
- The IEA says the world must wait for additional oil supplies
- Consumers should have been enjoying “solid gains” in production as OPEC+ continued to bring back idle capacity, the IEA said in its monthly report (Bloomberg)
- “Unplanned production outages have temporarily halted an uptrend in world oil supply that began in March, but growth is set to resume in October,” said the IEA
- The Paris-based agency said it won’t be until early 2022 that supply will be high enough to allow builds in oil stocks
- Releases from China’s strategic oil stocks may help “plug the gap” in the meantime