Oil prices reach fresh heights when cold bursts hit Texas

Freezing temperatures across shards in the United States injected new momentum into the rally in the energy markets and put West Texas Intermediate crude oil on course to settle over $ 60 per tonne. Barrel for the first time since the first days of the Covid-19 pandemic.

WTI crude futures gained 1.8% to hit $ 60.53 per share. Barrel Monday morning and extended their advance in 2021 to 25%. Brent crude, the international benchmark, rose 1.2%, reaching a 13-month high of $ 63.20 a barrel in London. Futures on natural gas at the Henry Hub in Louisiana rose 3.3% to $ 3.01 per share. Million British thermal units.

The fresh leg of the energy market recovery from coronavirus shock came as an explosion of cold weather increased demand for power and fuel, while threatening to knock down oil production in Texas. Over 150 million Americans are undergoing some kind of winter counseling, the National Weather Service said Monday. The agency predicts heavy snow and significant ice from the southern plains and the Ohio Valley to the northeast.

Some analysts believe that investors have pushed oil prices above levels justified by supply and demand, but others expect them to remain strong.

“We have not seen any surprising factor that would stop this kind of rally, at least not yet,” said Carole Nakhle, CEO of consulting firm Crystol Energy. Demand is on the rise, stocks of crude oil that ballooned last year are shrinking, and the Organization of the Petroleum Exporting Countries is holding back millions of barrels a day from the market, she added.

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