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United States Oil Fund LP USO and
United States Brent Oil Fund LP BNO adding about 2.6% and 3.2%, respectively, past week. The real surge was noticed on Feb 12, when USO and BNO were up 2.5% and 2.8%, respectively. Freezing weather has instigated the oil rally.
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“Winter storm and arctic blast of cold weather that is making its way south to Houston may have some severe impacts on the oil industry.”“Frigid weather means that many oil wells may be shut in. Water is produced along with oil, that water can freeze up equipment,” oil analyst Andy Lipow wrote over the weekend, as quoted on CNBC.