Sumary of Oil prices jump over $2/bbl after drawdown in U.S. stocks:
- U.S. crude oil stockpiles fell last week to the lowest since September 2019, the U.S. Energy Information Administration said, extending their drawdown after Hurricane Ida late August shut numerous refineries and offshore drilling production.
- “Oil momentum has continued ever since late August following Hurricane Ida as the Gulf of Mexico still struggles to fully restore production.
- “The tropical storm that just came through slowed down recovery efforts from Hurricane Ida and we will continue to see the effects from Ida for the next few reports.
- ” Tropical Storm Nicholas moved slowly through the Gulf Coast on Tuesday, leaving hundreds of thousands of homes and businesses without power, although Texas refineries ran normally.
- “This year’s hurricane season has a much greater and longer-lasting impact on the global oil balance than in previous years,” said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.