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Operators with assets along the Gulf Coast of Louisiana and Mississippi are assessing the damage to facilities following the October 29 landfall of Hurricane Ida.
In preparation for the storm, refineries were shut-in across the coast. The shut-ins amounted to approximately two million barrels per day, or ~12% of total U.S. refining capacity.
It is likely that the facilities will remain closed for several weeks as any damage is identified and repairs are made. Additionally, much of the area remains without power, which experts estimate will take weeks to restore.
It is likely that oil prices will rise slightly in the coming days due to the disruption in refinining capacity.
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