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ICICI Securities Report
Hurricane Ida has led to:
surge in gross refining margin from lows;
surge in U.S./European gas and liquefied natural gas prices (other factors at play, too) from already high levels; and
modest rise in oil.
Reuters’ Singapore GRM is up $2.2/barrel of oil or 83% versus average levels on August 23 to 26 as 6% of U.S. refining capacity is still shut.
West Texas Intermediate and Brent are up $3.14.3/barrel of oil (5-6%) from pre-hurricane lows as 1.5 million barrel per day (13.3%) of U.S. oil output is still shut.
Henry Hub, Title Transfer Facility, UK National Balancing Point, and Japan Korea Marker spot LNG are up 13-28% from lows (just 2.6% of U.S. gas output shut).
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