The oil market continues to edge higher. ICE Brent is moving ever closer to US$74/bbl and is trading at its highest levels since early August, while WTI is trading back above US$70/bbl. The impact of Hurricane Ida continues to provide support to the market. 43.6% of US offshore Gulf of Mexico production is still shut in. And since late August, around 26MMbbls of crude oil production has been lost as a result of Hurricane Ida. However, the industry is already facing another storm. Tropical storm Nicholas is now set to make landfall along the Texas coast. Some producers have already evacuated staff from offshore ... (full story)