- Oil remained above $72/Bbl Thursday morning after U.S. crude stocks dropped to a two-year low
- The EIA reported a 6 MMBbl declined in U.S. oil inventories on Wednesday
- Gulf of Mexico oil producers are still struggling to return output more than two weeks after Ida made landfall
- Overall output loss has risen to 27.3 MMBbl since the storm hit, making Ida the most damaging to oil production in 13 years
- Brent call option volumes were the highest since July on Wednesday as prices moved higher (Bloomberg)
- Just over a dozen of the most active options changing hands were calls, and the premium of Brent puts over bullish options was the smallest since April
- AEGIS notes that the additional call-skew can make costless collars more attractive for producers