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.
A 40 mm cm/day increase in Russian gas flows to Europe through Ukraine and Nordstream 1 pushed European gas prices further down on Tuesday, eroding again…
ICE Brent futures contracts remained broadly stable, at 63 $/b, after regaining from Monday’s price slump. The talks to revive the Iranian nuclear deal were…
US futures have rallied overnight, but for now it is only a hypothetical rebound after a sharp downward correction in US equities last week, particularly…
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