US Gulf oil looks to have avoided heavy damage from Hurricane Ida

Early indications suggest the US Gulf oil refining industry has got off reasonably lightly from the Category 4 Hurricane Ida battering the state of Louisiana, and so effects on tanker markets could be limited.

More than 90% of US Gulf oil refining capacity and 85% of offshore LNG output was shut down ahead of the hurricane hitting land, and analysts said it is too early to know when production will resume.