Oil Holds Gains With U.S. Energy Crisis Roiling Output, Refining
Bloomberg 2/16/2021 Andres Guerra Luz
(Bloomberg) Oil held above $60 a barrel in New York while gasoline futures surged as a deepening energy crisis in the U.S. crippled the petroleum industry.
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U.S. benchmark crude rose from Friday’s close as the market assessed the impact the country’s cold blast will ultimately have on the supply and demand balance. While the extreme temperatures have curtailed more than 2 million barrels a day of U.S. oil production, demand from refineries is also being crimped, with over 3 million barrels a day of processing capacity idled, according to Energy Aspects Ltd.
Oil prices yesterday maintained their upswing, hitting their highest in about 13 months on the back of vaccine rollouts expected to increase demand even as producers kept supply reined in.