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Oil rally could extend into summer

Oil rally could extend into summer
Elizabeth Low and Alex Longley, Bloomberg
Feb. 24, 2021
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The effects of the winter storm in Texas may be seen on crude stockpiles when government data is released Wednesday.David Paul Morris / Bloomberg
Oil climbed again, with mixed news on global inventories offset by expectations of a prolonged market rally into the summer.
Futures in New York climbed as much as 1.4%, wiping out an earlier loss. The American Petroleum Institute reported crude inventories increased by 1.03 million barrels last week, though stockpiles at a key European storage hub are at their lowest level since September, according to Genscape. The structure of the futures curve continues to indicate tighter supply. ....

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The biggest refineries in US are going dark amid the cold

The biggest refineries in US are going dark amid the cold
Jeffrey Bair and Barbara Powell, Bloomberg
Feb. 16, 2021
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The Port Arthur Refinery, operated by Motiva Enterprises, closed Monday.Jon Shapley, Staff photographer / Staff photographer
After creating havoc in the power and natural gas markets, the next commodity sector causing concern in Texas is the state’s enormous oil refining industry, where installations are being forced offline by the big freeze.
The largest refineries in North America shut down Monday because of arctic conditions that have cut electricity, water and fuel supplies across Texas. More than 3 million barrels of daily oil-processing capacity has been idled in the wake of the record-setting cold, according to consultant Energy Aspects Ltd. ....

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