Florida Braces for Hurricane Idalia
August 29, 2023
The tropical storm in the gulf have now become Hurricane Idalia and it looks to be more of a demand reduction event than a storm that will impact refinery production. The current path will likely lead to some wells in the Gulf being shut off as a precaution.
WTI crude oil continues to trade around the $80 dollar level and this area looks to be seen as a good base of support. The market continues to wrestle with the two stories of low inventories versus the economic outlook and energy demand.
China, in a move to try and stimulate its economy, cut the taxes charged on stock trades.
Marathon has made plans to restart all the units at that 596,000 bpd Garyville, LA refinery. The refinery shut down on Friday and pushed prices higher due to a fire in two storage tanks. The market gave back most of those gains yesterday as the refinery production had no impact from the fire.