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Crude Rallies Again

OIL

Crude futures are higher in Asia, extending their rally in broad risk on trade. WTI is up $0.85 at $60.32/bbl, brent is up $0.40 at $63.70/bbl.

  • The ongoing Arctic blast across North America continues to cause supply disruptions and propels demand for heating fuel higher. The weather in Texas has seen temperatures fall to the lowest levels in over 30 years and has caused widespread production shutdowns across the Permian Basin. Currently halts and force majeure closures have hit around a million barrels a day , while analysts estimate around 3 million barrels a day of processing capacity could be offline.
  • Elsewhere as brent approached $64/bbl a North Sea oil pricing window saw traders bidding aggressively for cargoes, the latest signs of resurgent demand. There is also a chance of supply issues from Norway after talks to avert a potential strike at the Mongstad refinery in Norway went past the deadline.
Energy BulletsCommodities
Energy BulletsCommodities

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