- Oil prices remain at multi-year highs amid a global energy crunch (Bloomberg)
- Brent futures traded over $77/Bbl, heading for a third straight weekly increase
- Global onshore oil inventories dropped by almost 21 MMBbl last week, led by China, according to data analytics firm Kayrros, while U.S. stocks are near 2018 lows
- High natural gas prices globally are expected to force some consumers to switch to oil, further tightening the market ahead of winter
- Gulf of Mexico oil producers have lost 30 MMBbl of supply since Hurricane Ida hit land almost four weeks ago
- There are still 31 platforms that remain shut, with a loss of 294 MBbl/d on Thursday (BSEE)
- Ida is the most destructive to oil operators in 13 years