Hurricane Ida Impact - Gas, LNG, Oil Prices, GRM Up, But Petrol Cracks Down: ICICI Securities
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ICICI Securities Report
Category four hurricane Ida that hit Louisiana on August 29, 2021 led to shutdown, of:
15.1% of U.S. oil and ~3% of U.S. gas output,
13% of U.S. refining, and
16% of U.S. ethylene, 21% of polyethylene, 41% of polyvinyl chloride and 9% of polypropylene capacities.
As of September 01, 80-83% of oil and gas output, 74% of refining and 80% of petrochemical capacities remain shut.
West Texas Intermediate and brent were up $3.4-3.5/barrel of oil (5%) from lows last week, but are down 2-1% from peak.
Henry Hub, Title Transfer Facility, UK National Balancing Point and Japan Korea Marker spot liquefied natural gas are up 10-21% from lows of last week, but there are also other factors at play.
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