- Oil and gas producers in the Gulf of Mexico removed about 1.74 MMBbl/d, or 95.7% of crude production before Hurricane Ida reached Louisiana (BSEE)
- About 2.11 MMBbl/d of refining capacity (12% of U.S. total) was being shut or brought to reduced rates at plants along the Mississippi River (Bloomberg)
- Gasoline for October spiked over 4% higher in New York before paring back gains, while WTI traded mostly flat as gulf rigs escaped significant damage
- Hedge funds further reduced bullish bets on WTI for the week ending Tuesday as net-long positions fell 7.1k contracts to 272,926 (CFTC)
- Net positions are now almost half of what they were in late June
- Managed money outright longs on WTI fell 1.35k contracts while shorts rose 5.82k
- OPEC will hold its 20th OPEC and non-OPEC Ministerial Meeting on Wednesday, September 1
- OPEC and its allies are expected to continue with their planned revival of oil production as prices bounced back from the August dip (Bloomberg)
- The group has already relet about 45% of the production volume shuttered last spring
- The current plan will see the rest of the supply brought back in monthly installments of 400 MBbl/d through late 2022