• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 11 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 41 mins California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 19 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 20 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days An Indian Opinion on What is Going on in China
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day Nord Stream - US/German consultations
  • 2 days Can Technology Keep Coal Plants Alive and Well?
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 5 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Storage of gas cylinders
Goldman Sachs Hikes Oil Price Forecast To $90

Goldman Sachs Hikes Oil Price Forecast To $90

Tightening oil markets with robust…

The Recent Oil Price Rally Can’t Be Justified

The Recent Oil Price Rally Can’t Be Justified

Oil prices broke the all-important…

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 Prices Retreat As Deadly Winter Storm Moves East

Oil prices gave up earlier gains to trade lower just after noon on Thursday, while the severe winter storms continued to move east, leaving at least 20 people dead and millions without electricity from Texas to New England.

As of 12:45 p.m. ET on Thursday, WTI Crude prices were trading down 0.52 percent at $60.78. Brent Crude prices were down 0.50 percent at $63.99.

Meanwhile, winter storms from Texas to New England have left at least 20 people dead, with millions left without electricity at some point since the start of the week.  

“Unlike a hurricane or tornado, where the event comes furiously and then ends, this has been a slow-moving disaster,” Mississippi Governor Tate Reeves tweeted on Thursday.

Earlier today, oil prices jumped higher after the Energy Information Administration reported crude oil inventories in the United States had shed 7.3 million barrels in the week to February 12.

This compared with an inventory draw of 5.5 million barrels for the previous week, as estimated by the EIA.

The American Petroleum Institute had a day earlier seen crude oil inventories down 5.8 million barrels for the week to February 12.

Analysts had expected an inventory draw of 2.175 million barrels for the reporting period.

Oil prices have been supported this week by the disruptions to oil production, infrastructure, and refineries that the severe winter weather caused in Texas.

U.S. crude oil production has plunged by as much as 40 percent due to the Polar Vortex that brought freezing temperatures to swathes of the United States, most notably including Texas, where wellheads and pipelines froze.  

“The supply shock, one of the biggest that has ever hit the US, is helping to tighten to market further with the Brent crude oil prompt spread now trading at 85 cents as buyers bid up cargoes from the North Sea,” Saxo Bank said on Thursday.   

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 18 2021 said:
    Meh.

    Hard to imagine energy demand returning given how pummeled the State of Texas economy has suddenly become. "Start pumping moar" will need be the response I think goes without saying.

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