Hurricane Ida Impact - Gas, LNG, Oil Prices, GRM Up, But Petrol Cracks Down: ICICI Securities

Towers stand at the under-construction deep oil processing and refining complex at the Naftna Industrija Srbija AD (NIS) oil refinery, operated by OAO Gazprom Neft PJSC, in Pancevo, Serbia. (Photographer: Oliver Bunic/Bloomberg)

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:

  1. 15.1% of U.S. oil and ~3% of U.S. gas output,

  2. 13% of U.S. refining, and

  3. 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.

Click on the attachment to read the full report:

ICICI Securities Oil, Gas, Petrochemicals Update.pdf

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