US Daily Oil Summary: Cold Weather Disrupts Operations

North Dakota oil output has further declined by 600-650kbpd due to the ongoing cold spell, Justin Kringstad, director of state’s pipeline authority, said, cited by Bloomberg.

• Operations at the Phillips 66 Bayway refinery, Linden, New Jersey have not been impacted by a recent overnight fire according to a company spokesperson, Bloomberg reports. Prior reports suggested an explosion which may have been overstated.
• TotalEnergies' Port Arthur Platform in Texas lost external power supply to the facility on Tuesday, which led to a temporary shutdown of the affected processing units at the 238kbpd refinery according to a community alert.
• Marathon Galveston Bay is running at decreased rates after an upset on the residual hydrotreating unit on Monday according to a filing with the TCEQ.
• The Houston Ship Channel reopened at 9am local time Tuesday for movements of vessels leaving port only, according to Moran Shipping reports.
• The latest EIA US drilling productivity report is due for release today at 14:00ET.
• USD: The substantial shift higher for US yields on Tuesday translated into gradual greenback strength throughout the trading day, which has resulted in a 0.95% advance for the USD index following the MLK holiday on Monday. Notably, this places the DXY at the best level in a month, briefly bridging the gap to the 200-day moving average at 103.44.
• Fed’s Waller: no reason to move as quickly, cut as rapidly as in past. Fed can cut `this year' if inflation doesn't rebound.
• Wires carrying comments from Reuters reporting that according to unnamed US officials, the US military has on Tuesday carried out a new strike on Houthi anti-ship missiles in Yemen.