*Storm Damages Continue to hamper U.S. Gulf of Mexico Energy Operations*
As refiners look to restart offshore operations, onshore repairs that are necessary as a result of the hurricane damages have been hampered this week due to power outages in Louisiana where the storm made early landfall on Thursday. Offshore production in the region was down 989,000 bpd, or 53% of the total production of the region reports Reuters. Energy companies have returned crews to 181 of the 310 platforms and rigs say U.S regulators.
*Asia Distillates-Jet Fuel Crack Plunges to over 3-1/2 Month Low*
Pandemic-induced cross border travel has led to the weakest Asian refining margins in three and a half months according to Reuters. Most long-haul flights are still suspended with airlines crippling under the pressure of little to no income, meaning staff have been places of unpaid leave in some cases. Sinopec have reported a more positive outlook for the second half of the year with the Chinese economy starting to show signs of a slow recovery.
*Biden Says He Would Not Ban Fracking*
Biden has announced that he would not ban hydraulic fracturing and has brandished republican assertions that he supports these bans a lie. Biden has reassured his followers that he has a longer-term plan of transitioning from an economy that is greener and away from drilling to tackle the climate change crisis.
*Japan’s July Oil Products Imports Jump 23% On Major Run Cuts*
Japan’s oil product import data jumped 23.2% year on year and 7.5% month on month to 623,650 bpd in July according to data from the Ministry of Economy, Trade and Industry, S&P reports. It also comes as gasoil imports tripled year on year to 15,563 bpd, but 28.7% lower that levels seen in June.
*OPEC+ Stability Still Facing Political, Economic Threats*
The current price of oil faces increasing volatility due to the geopolitical and economic tensions amongst OPEC+ nations. This comes as there are is a worrying lack of oil and gas investment outside the Russia and Middle East, say reports coming out of the ONS online conference.