The Texan energy crisis splits global petroleum markets in two
Oil
February 16, 2021
Brent prompt future contract came back to 63.5 $/b on early Tuesday, as Texas’ cold snap affected the US petroleum markets in unpredictable ways. WTI-Brent spreads collapsed, likely caused by lower US refining runs, pushing crude stocks higher in the short term. The two fields Troll and Johan Sverdrup in Norway were expected to shut down if workers declared a strike. A settlement was found before the strike could begin.
ICE Brent prompt contract traded above 73 $/b, as demand continued to outpace supply, according to Kpler inventories measurements. Regional price differentials are already starting…