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U.S. energy crisis leaves millions without power in big freeze
Brian K. Sullivan and Naureen S. Malik, Bloomberg
Feb. 16, 2021
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Pump jacks operate in the Permian Basin in Midland, Texas, U.S, on Saturday, Feb. 13, 2021. The arctic freeze gripping the central U.S. is raising the specter of power outages in Texas and ratcheting up pressure on energy prices already trading at unprecedented levels. Photographer: Matthew Busch/BloombergMatthew Busch/Bloomberg
(Bloomberg) The energy crisis crippling power grids across the U.S. showed no sign of abating on Tuesday morning as blackouts left almost 5 million customers without electricity during unprecedented cold weather.
Texas cold blast boosts oil
Sharon Cho, Rob Verdonck and Alex Longley, Bloomberg
Feb. 15, 2021
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Oil rallied to a 13-month high as cold weather in Texas disrupted flows from America’s largest shale patch, exposing the fragility of global supplies amid sharp cutbacks by OPEC and its allies.
U.S. West Texas Intermediate futures surged as much as 2.5% and rose above $60 a barrel for the first time since January last year. Brent crude in London, meanwhile, rose above $63. Permian oil production has fallen by as much as 1 million barrels a day as temperatures fall to minus 1 Fahrenheit (minus 18 degrees Celsius) in Midland, Texas, the de facto capital of U.S. shale production, according to the National Weather Service Midland.
Biden to bar Keystone pipeline within hours of taking office
Jennifer A. Dlouhy and Ari Natter, Bloomberg
Jan. 20, 2021
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Canadian pipeline operator TC Energy is moving forward with plans to build the controversial Keystone XL Pipeline, a project to move heavy crude oil from the tar sands region of Canada to Nebraska where it will then move on to refineries in Illinois and along the Gulf Coast. TC Energy
Joe Biden will cancel the Keystone XL oil pipeline hours after becoming president on Wednesday, killing once again a cross-border project that had won a four-year reprieve under his Republican predecessor, Donald Trump.
Oil slumps along with consumer sentiment
Andres Guerra Luz, Bloomberg
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FILE - In this April 24, 2015, file photo, pumpjacks work in a field near Lovington, N.M.Charlie Riedel/Associated Press
Oil slid by the most in three weeks as a stronger dollar and weak U.S. economic data stoked concerns over an economic rebound.
Futures in New York tumbled 2.3 percent on Friday after a rally in oil earlier in the week pushed the benchmark into overbought territory. The U.S. dollar strengthened, reducing the appeal of commodities priced in the currency. U.S. consumer sentiment cooled more than forecast in January and other economic data such as sluggish retail sales and producer prices also portray the obstacles still facing the country as it emerges from the pandemic.