• 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
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours How Far Have We Really Gotten With Alternative Energy
  • 9 days They pay YOU to TAKE Natural Gas
  • 6 days What fool thought this was a good idea...
  • 8 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 4 days A question...
  • 15 days The United States produced more crude oil than any nation, at any time.
Why Oil May Regain Upward Momentum

Why Oil May Regain Upward Momentum

Experts have predicted that positive…

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 ice

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.   

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 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