- HollyFrontier (HFC -0.5%) is best positioned among refiners with Exxon Mobil (XOM -0.5%) and TotalEnergies (TTE -0.2%) among integrated oil companies to capture any upside from disruptions caused by Hurricane Ida, as peers face potentially extended periods offline, Cowen says.
- Preliminary reports suggest Marathon Petroleum (MPC -1.2%), Delek US (DK +0.2%) and PBF Energy (PBF -4.6%) each shut down 20%-25% of their refining capacity, though PBF possibly could benefit even with its plant impacted given the company's limited profitability in the current refining environment, Cowen's Jason Gabelman writes.
- Potential refining margin strength as a result of Ida could be weaker and/or more short-lived than it otherwise would be given global excess refining from COVID-related demand destruction, according to Gabelman.
- Energy consultant Andy Lipow said earlier that if New Orleans-area refineries take a direct hit from Ida, gas prices likely would rise by ~$0.10/gallon in the southeast and Mid-Atlantic markets.