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.
Oil s gains evaporate as wells restart
Sharon Cho and Alex Longley, Bloomberg
Feb. 19, 2021
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Idle oil rigs in Texas are expected to soon see action in Texas as the price of crude rises to near $60.Matthew Busch/Bloomberg
Oil fell for a second day as production slowly restarted in Texas and the White House said it would be willing to meet with Iran, potentially paving the way for more crude exports from the Persian Gulf nation.
Futures in New York dropped toward $59 a barrel. Companies are using restored power from grids or generators to resume output that was halted by the frigid weather, according to people familiar with the matter. The timeline for a full restoration of the estimated 40% or so of U.S. oil production that was shut in by the big freeze is unclear.