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NRGO - Hurricane Ida To Impact Products More Than Crude And Implications Going Forward
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E NRGO
Hurricane Ida has forced Gulf of Mexico production and refineries to go offline.
The impact so far has been mixed on crude balance, while petroleum product storages should see large draws.
A sustained refinery outage would be similar to what happened in 2017 with Hurricane Harvey. Elevated refining margins going into Q4 will prompt higher throughput and a tailwind for crude.
Given the current supply/demand fundamentals are already in a deficit, crude draws could increase into year-end pushing oil prices higher.