- WTI is down 24c to $40.95/Bbl, and Brent is down 21c to $43.13/Bbl.
- Oil is poised for its biggest weekly gain since June
- Data from Europe shows that the reimposed Coronavirus restrictions have caused a reduction in miles driven. Traffic was at 89% of the pre-COVID levels this week, down from 97% two weeks earlier
- The supply brought off due to Hurricane Delta, and the Norway Labor strike has helped support prices this last week even as demand was stagnant
- Hurricane Delta is expected to make landfall in Louisiana this morning
- The hurricane is forecast to remain a Category 3, with winds confirmed of up to 120 mph. Life-threatening storm surges pose a threat to vital infrastructure along the U.S. Gulf Coast
- Delta has caused 1.67 MMbbl/d, or 92% of the Gulf's oil output to be shut-in. Hurricane Delta has caused the largest reduction in output since Hurricane Katrina in 2005
- Total SA, located in Port Arthur, Tx, has announced that they have shut down their primary oil processing unit (225 MBbl/d) in anticipation of the storm. So far, other refineries have been reluctant to follow suit, with Shell announcing they intend to keep its two local refineries in the area operational
- The Norway labor strike continued, though significant progress was made on Thursday
- Oil firms and labor officials have announced that they will meet with a state-appointed mediator on Friday to see if a deal can be reached to end the strike
- 966 MBboe/d is expected to be shut-in, unless the two sides can reach an agreement before Wednesday, October 14
- Norway's government has remained adamant that it will leave it up to the two sides to reach an agreement and will continue to monitor the situation