A disappointing U.S. Non-Farm Payrolls report brought oil prices down slightly on Friday morning, but the supply destruction caused by Hurricane Ida looks set to keep prices elevated over the week. Friday, September 3rd, 2021 An improving demand picture and a slower-than-anticipated supply recovery after Hurricane Ida damaged offshore platforms and flooded refineries have kept oil prices elevated this week. With 1.7 million b/d of offshore production yet to come back onstream and most of Louisiana’s refining industry debilitated by the impacts of flooding, Hurricane Ida will bring U.S. crude and product stockpiles down, maintaining pressure on prices to move up. This week also saw the OPEC+ meeting which brought no surprises as member states reiterated their commitment to the 400,000 b/d monthly increase over the remainder of this year. Louisiana Refiners Suffer Hurricane Ida Blow. Three Louisiana-based refineries have reported damages from Hurricane Ida, as both Shell’s 250kbpd […]