Deep freeze US futures higher, dollar loses ground US markets were closed for a public holiday overnight. That was probably no bad thing as rolling blackouts swept parts of the US due to unnaturally cold weather sweeping the country, notably Texas. The blackouts themselves pushed up spot electricity prices into an orbit that would make Elon Musk proud. It also took around 1 million barrels of oil production offline and closed refineries in the Lone Star State. Against that backdrop, oil prices held onto their Asian session gains and oil markets are likely to ignore the very overbought technical indicators until the sunshine returns to the US. Oil futures have moved deeper into backwardation (a bullish indicator for prices), and any correction when it comes, is likely to be short-lived unless the curves flatten.