The oil markets remain in flux with a mixture of bullish and bearish news impacting prices- the question remains: “Which one will win out?” Hurricane Ida still has about 1.4M barrels a day of Gulf of Mexico production offline and about 1.7M barrels a day of refining capacity. The Hurricane took down Port Fourchon, which is the launching point for companies supporting the offshore space. About 90% of deep-sea activity is supported from this port, which took a direct hit. E&Ps have had to adjust operations by either using other slips in the port, shifting to nearby facilities, or operating out of Texas- some are utilizing all three. Now that the supply chain has been restored- the speed at which offshore production comes online will accelerate over the next 2 weeks. We should see about 90% of production restored by next week with the remaining 10% potentially down longer as some damage appears to be a bit more severe- taking longer to repair.