In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.
Let’s take a look.
1. Hurricane Ida Derails US Gulf of Mexico Output More Than Anyone Else
- Hurricane Ida has now officially become the most devastating hurricane to hit production in the US Gulf of Mexico, with some 28% of crude output still halted in the GoM as of September 16, i.e. 20 days after Ida made landfall.
- Oil exports picked up unevenly after Tropical storm Nicholas passed - LOOP is still yet to receive its first vessel since Hurricane Ida, whilst Texan terminals like Beaumont or Corpus Christi have restarted operations on 16-17 September.
- Two refineries that both wield a 250kbpd capacity, Phillips 66’s Alliance and Shell’s Norco Refinery, remain shut as both were flooded during the hurricane and sustained unspecified damage that will take at least weeks to repair.
- Market rumours speculate that it is not unimaginable that Phillips 66’s Alliance Refinery will not be rebuilt or repaired.
2. Europe Will Lead World in Wind Capacity Additions
- The global pipeline of floating wind power projects reached 54 GW, with more than half of those located in Europe, reports S&P Platts.
- The United Kingdom and Ireland combined account…