- WTI is up 19c to $59.66/Bbl, and Brent is down 26c to $63.04/Bbl
- West Texas Intermediate has since retreated below $60/Bbl after trading above the thirteen-month high overnight
- There is about 1.7 MMBbl/d of refinery operations in the U.S. have halted and deliveries via pipeline suspend as freezing weather hits the Texas energy grid and blackouts spread to other states in the Central U.S. (Bloomberg)
- As much as 3 MMBbl/d of processing capacity could be off-line, according to Energy Aspects
- The frigid temperatures have also led to oil supply disruptions in the U.S. (Reuters)
- Close to 1 MMBbl/d of U.S. oil production has been lost this week after freezing temps caused power cuts (Bloomberg)
- The WTI prompt spread flipped to contango for the first time in a month — as of Tuesday morning
- It is likely due to acute loss of demand from refinery shutdowns as the remainder of the curve remains in steep backwardation