Hurricane Ida has led to: 1) surge in GRM from lows; 2) surge in US/European gas and LNG prices (other factors at play, too) from already high levels; and 3) modest rise in oil. Reuters' Singapore GRM is up US$2.2/bbl or 83% vs average levels on 23-26 Aug as 6% of US refining capacity is still shut. WTI and Brent are up US$3.14.3/bbl (5-6%) from pre-hurricane lows as 1.5m b/d (13.3%) of US oil output is still shut. Henry Hub, TTF, UK NBP and JKM spot LNG are up 13-28% from lows (just 2.6% of US gas output shut). PVC, PE and PP margins were down 1-19% WoW as of 27-Aug (5-41% of capacities shut), but are likely to be up in Sep (data awaited). The GRM recovery may not sustain. We remain most positive on strength in...