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Oil reached its highest level since the pandemic began as a winter storm cut US fuel production and raised heating and power demand. WTI rose above $60 a barrel, and Brent climbed to a 13-month high.
Analysts warned that freezing water could disrupt equipment at Texas wells.
Supply disruption from freezing wells tightens crude and raises fuel and energy costs for feed production and transport. The rally adds upward pressure on input costs.
cnbc.comThomas FranckFeb 15, 2021After 40 past bullish weather events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% over 20.
After 24 past bullish weather events, Crude Oil (Brent) moved a median +2.8% over 5 sessions (67% higher; middle half -1.9% to +5.2%), and +6.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
