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Crude Rises As Supply Shock Roils Global Traders

OIL

Crude futures are extending their impressive rally, in positive territory and on track for the twelfth gain in thirteen sessions. Brent is firmly above $65/bbl. The adverse weather conditions in the US have now resulted in a shock to global supplies and helped push WTI to levels not seen since late 2018. WTI is up $0.80 at $61.90/bbl, having briefly popped over $62, while brent is up $0.97 at $65.32/bbl.

  • According to analyst estimates the big freeze in the US has taken 4mnl bpd of oil supply offline, there are growing fears the extreme weather will last longer than the few days originally thought, with another storm forecast to hit eastern and central US later in the week.
  • The rally drew strength in Asia after API inventory data showed a 5.m bbl draw, above estimates. Downstream figures did show gain in stocks, gasoline inventories rose 3.9m bbls. Markets now look ahead to US DOE figures later today.
Energy BulletsCommodities
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