• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
Oil Prices Poised to Bounce Back in 2024

Oil Prices Poised to Bounce Back in 2024

Despite current low prices, commodity…

Oil Prices Stable in Anticipation of Key OPEC+ Meeting

Oil Prices Stable in Anticipation of Key OPEC+ Meeting

Brent crude futures remained stable…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Dips As Texas Producers Slowly Move To Restore Output

Rig Texas

Oil prices extended Thursday’s losses into Friday morning as power returned in most of Texas, and oil producers were preparing to begin restoring the output lost during the Texas Freeze.

As of 9:25 a.m. ET on Friday, WTI Crude prices were down 0.78 percent at $60.01 and Brent Crude was trading down 0.50 percent at $63.58.

Following a rally fueled by massive production shut-ins in Texas due to loss of power and frozen wellheads and equipment, oil prices turned lower on Thursday as the severe winter storms continued to move east.

On Friday, power was mostly restored across Texas, which accounts for more than 40 percent of all U.S. crude oil production.

At the height of the winter storm in the top oil-producing U.S. state, American crude oil production plunged by as much as 40 percent earlier this week as the Polar Vortex brought freezing temperatures to swathes of the United States.

Texas producers were expected on Friday to move to restart output, sources told Reuters, although the timeline for the full resumption of the shut-in barrels is still unclear. 

Oil prices were additionally supported by comments regarding Iran from the U.S. State Department on Thursday after State Department spokesperson Ned Price said that “The path for diplomacy remains open. We hope to be able to pursue it together with our allies and partners.”

President Joe Biden has said he would pursue a return to the nuclear agreement, but only if Iran returns to full cooperation in its nuclear program activities. A potential return to the so-called Iran nuclear deal could mean the possible removal of the U.S. sanctions on Iran’s oil exports.

“Crude oil futures finally turn into a two-way market as the 65-dollar handle in Brent proved too much and the April front futures contract tumbled below 63.00 overnight before bouncing,” Saxo Bank said early on Friday.

“The US WTI future also corrected lower as the huge production interruptions from bitter cold weather in Texas began reversing, though we need more data on how quickly normal production can return as the disruption affected 40% of US oil output,” the bank’s strategists said.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • George Doolittle on February 19 2021 said:
    I thought the plan was not to restore output in the first place?

    Already have thrown Canada under the bus so clearly Southern California is next..

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News