A snippet from analysis at ANZ, saying supply issues plague the market.

  • US production is struggling to recover from Hurricane Ida. After more than a week when the category 4 storm ripped through the area, 77% of Gulf of Mexico output remains shut, according to the Bureau of Safety and Environmental Enforcement.
  • Extensive damage to infrastructure and power outages mean Ida has knocked off more supply after nine days than any other storm.

ANZ note elsewhere:

  • fears of supply disruptions in Libya ... A fresh wave of protests at key oil fields and ports could reduce production as much as 800kb/d, according to a Libyan official.

On the demand side, see this on the up, citing this:

  • Weekly toll data across Europe and Latin America shows traffic was mostly above levels seen in 2019.