Oil traders are being optimistic about the black liquid hydrocarbon due to the unparalleled cold snap in Texas which is the leading energy hub of American.
The winter storm which is said to be unusual has played a major role in causing a shutdown in the estimation of about four million barrels per day of oil in the world’s largest oil-producing state Texas with other states with about 21 billion cubic feet of natural gas output.
However, according to the data gotten from the Energy Information Administration, the United States is currently the world’s largest oil-producing country which produces about 19.45 million barrels per day or 19% of the world’s total crude oil production in 2019.
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According to Narametrics,
At press time, Brent crude futures rallied by 1.13% to $62.84 a barrel with the Brent crude contract turning over in February 21 to the May 21 contract.
Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, gave key insights on other macros weighing on oil prices at least for the near term amid high positivity prevailing in global financial markets
“What began as a power issue for a handful of US states quickly turned into a global supply shock for the oil markets. Still, the re-start of shut-in US production and news that the Biden administration is exploring diplomatic re-engagement with Iran have contributed to a cooling of oil prices, despite the bullish inventory data.
“But “the day after”, see oil prices nudging higher amid ongoing evidence of recovery in global demand, mostly good news on the Covid-19 trends and anticipation of a nearly 2 trillion US stimulus designed to get people working again quickly.”
World’s largest oil producer Texas loses four million barrels per day cause of the unusual winter storm.
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