Stay updated with breaking news from Bloomberg oiltop. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Oil rally could extend into summer Elizabeth Low and Alex Longley, Bloomberg Feb. 24, 2021 FacebookTwitterEmail 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. ....
Texas refiners rush to fix leaks, broken pipes after storm Barbara Powell, Bloomberg FacebookTwitterEmail The brutal winter storm knocked out operations at many refineries along the Gulf Coast.Eddie Seal/Bloomberg Refineries in Texas are finding a return to normal after last week’s Arctic blast and widespread power outages is a messy, stop-and-start process. At least eight of them were trying to restart as of early Tuesday, with varying degrees of success. Some lacked all the power and water they needed to begin the process. All were grappling with storm-related damage, including water leaks, burst pipes, cracked pumping and other equipment damage. ....