Hurricane Ida Impact - GRM, Oil, Gas, LNG Prices Up As Capacity Remains Shut: ICICI Securities
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ICICI Securities Report
Two weeks after hurricane Ida made landfall in Louisiana, 6.9% of U.S. oil output (15.1% at peak), 1.6% of gas output (3% at peak), 4% of refining capacity (13% at peak) and 5-9% (9-41% at peak) of petrochemical capacities are still shut.
Oil is up 4% from lows last week due to likely U.S. oil output fall in September 2021 and modest OPEC+ output rise in August.
Reuters’ Singapore GRM, which at peak was up 104% versus average levels on Aug 23 to 26, is down 13% from peak.
The gross refining margin recovery may not sustain.
Japan Korea Marker spot liquefied natural gas, Henry Hub, Title Transfer Facility and UK National Balancing Point are up 15-47% at multi-year / all-time highs though other factors are at play, too.
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