Oil Remains Elevated After Hurricane Ida Hurts Supply

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, 2021An 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…