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Oil Prices Head Higher As Texas Grapples With An Arctic Blast By Liubov Georges - Feb 16, 2021, 9:00 AM CST
Crude and refined products futures on the New York Mercantile Exchange advanced on Tuesday, lifting West Texas Intermediate, Ultra-Low Sulfur Diesel (ULSD) and gasoline (RBOB) contacts to their highest price points since early January 2020 after record-setting cold weather in Texas shuttered the nation s largest refineries and shale oil fields, threatening to cut off fuel supplies from one of the world s largest energy hubs.
Near 9.30 AM ET, NYMEX WTI for March delivery futures surged 54cts to trade just above $60 bbl, while the Brent April contract on the Intercontinental Exchange slipped lower at $63 bbl. Both crude benchmarks added over 12% in value since the beginning of February. NYMEX March ULSD futures rallied 4.92cts to $1.8206 gallon and March RBOB futures spiked 7.08cts or 4% to a fresh 13-month spot high $1.7633 gallon.