⁍ Futures gained ahead of Hurricane Sally’s expected landfall on the U.S. Gulf Coast.

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⁍ More than a fifth of U.S. offshore oil production was shut.

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⁍ IEA trimmed its 2020 outlook by 200,000 barrels per day to 91.7 million bpd.

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– More than a fifth of US offshore oil production was shut and key exporting ports were closed as Hurricane Sally’s expected landfall on the US Gulf Coast. More than a fifth of US offshore oil production was shut and key exporting ports were closed as the storm’s trajectory shifted east toward western Alabama, sparing some Gulf Coast refineries from high winds, Reuters reports. “Harsh weather events in the US cause some unpredictability about its oil production and that’s always good news for prices,” says Bjornar Tonhaugen, Rystad Energy’s head of oil markets. But oil demand’s outlook remains weak, which limited gains during the session. The International Energy Agency on Tuesday trimmed its 2020 outlook by 200,000 barrels per day to 91.7 million bpd, citing caution about the pace of economic recovery. “We expect the recovery in oil demand to decelerate markedly in the second half of 2020, with most of the easy gains already achieved,” the IEA said in its monthly report.