Goldman Sachs said Hurricane Ida had a larger impact on oil production than on refinery demand, causing a net 'bullish' impact on U.S. and global storage levels.
U.S. President Joe Biden, aboard the Marine One helicopter, inspects the damage from Hurricane Ida on an aerial tour of communities in Laffite, Grand Isle, Port Fourchon and Lafourche Parish, Louisiana, U.S. September 3, 2021. REUTERS/Jonathan Ernst/Pool/File Photo
The investment bank, in a note dated Sept. 9, described the hit to U.S. output as "historically large" and expects almost 40 million barrels of crude production to be lost, with challenges restarting the Mars stream likely until mid-October. Concerns over the output shut-in due to Ida, helped drive oil prices above $70 a barrel, with Brent crude trading at $73.39, and U.S. West Texas Intermediate crude at $70.19 by 0829 GMT.
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