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Oil Rallies as Texas' Wintry Cold Poses Risk to Global Supplies


Oil Rallies as Extreme Texas Cold Batters U.S. Energy Markets
Bloomberg
2/15/2021
Sharon Cho and Alex Longley
(Bloomberg) Oil rallied to a 13-month high as freezing weather in Texas disrupted flows from America’s largest shale patch, exposing the fragility of global supplies amid sharp OPEC cutbacks.
Trading of West Texas Intermediate futures ended the day up 1.1%, above $60 a barrel for the first time since January 2020, while Brent in London passed $63. Permian oil production has fallen by as much as 1 million barrels a day as sub-zero temperatures hit Midland, Texas the heart of U.S. shale output. The Arctic blast also threatened to unleash a rush for fuels from propane to heating oil. ....

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