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Oil Prices Spike As U.S. Outages Tighten Supply

Victor Gill
Oil Prices Spike As U.S. Outages Tighten Supply

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 61.33 +2.09 +3.53% Brent Crude • 10 mins 64.93 +2.02 +3.21% Natural Gas • 10 mins 2.934 -0.135 -4.40% Mars US • 20 hours 59.69 -1.28 -2.10% Opec Basket • 4 days 61.30 -2.13 -3.36% Urals • 62 days 42.22 +0.00 +0.00% Louisiana Light • 4 days 61.82 -0.83 -1.32% Louisiana Light • 4 days 61.82 -0.83 -1.32% Bonny Light • 4 days 62.09 -0.73 -1.16% Mexican Basket • 4 days 58.07 -1.33 -2.24% Natural Gas • 10 mins 2.934 -0.135 -4.40% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

Marine • 4 days 60.80 -2.58 -4.07% Murban • 4 days 61.15 -2.38 -3.75% Iran Heavy • 4 days 59.73 -1.10 -1.81% Basra Light • 4 days 62.55 -1.39 -2.17% Saharan Blend • 4 days 62.70 -0.95 -1.49% Bonny Light • 4 days 62.09 -0.73 -1.16% Bonny Light • 4 days 62.09 -0.73 -1.16% Girassol • 4 days 63.03 -0.86 -1.35% Opec Basket • 4 days 61.30 -2.13 -3.36% OPEC Members Monthly Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 4 days 47.64 -1.29 -2.64% Western Canadian Select • 12 hours 47.41 -1.27 -2.61% Canadian Condensate • 12 hours 58.26 -1.27 -2.13% Premium Synthetic • 12 hours 59.66 -1.27 -2.08% Sweet Crude • 12 hours 56.76 -1.27 -2.19% Peace Sour • 12 hours 53.76 -1.27 -2.31% Peace Sour • 12 hours 53.76 -1.27 -2.31% Light Sour Blend • 12 hours 56.01 -1.27 -2.22% Syncrude Sweet Premium • 12 hours 57.76 -1.27 -2.15% Central Alberta • 12 hours 53.91 -1.27 -2.30% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

Louisiana Light • 4 days 61.82 -0.83 -1.32% Domestic Swt. @ Cushing • 5 days 56.75 -0.50 -0.87% Giddings • 5 days 50.50 -0.50 -0.98% ANS West Coast • 5 days 62.93 -1.11 -1.73% West Texas Sour • 5 days 54.47 -0.62 -1.13% Eagle Ford • 5 days 58.42 -0.62 -1.05% Eagle Ford • 5 days 58.42 -0.62 -1.05% Oklahoma Sweet • 5 days 56.75 -0.50 -0.87% Kansas Common • 4 days 49.50 -1.25 -2.46% Buena Vista • 4 days 65.63 -1.28 -1.91% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Discussion Headlines 45 mins Tesla’s Cheapest Model Y Is No Longer Available 3 hours Iraq Pauses Massive Prepaid Oil Deal With China As Prices Soar 4 hours Brazil President Ousts Petrobras CEO 3 days Texas May Lack Authority To Enforce Ban On Natural Gas Exports 3 days Some Of Texas‘ Biggest Refineries Could Take Weeks To Restart 3 days ERCOT Declares “End” To Texas “Emergency Conditions” 3 days Pemex’s Oil Production Increase Is More Illusion Than Reality 3 days Mexican President Urges Population To Conserve Energy Amid Power Shortage 3 days Ford To Go All-Electric In Europe By 2030 4 days Mexico Overhauls Its Huge Oil Hedge 4 days Tesla Model 3 Is Consumer Reports’ Top Pick For Electric Car 4 days U.S. LNG Exports Set To Exceed Pipeline Gas Exports Next Year 4 days Why Investors Are Buying Bonds Of The World’s Most Indebted Oil Company 4 days Volkswagen Shares Jump After News Of Possible Porsche Listing 4 days Iraq Boosts Oil Exports In Early February Despite OPEC+ Pledge 4 days Texas Governor Bans Natural Gas Exports 5 days WTI Climbs Above $61 As Crude Stocks Dwindle 5 days Saudi Arabia Warns Oil Producers To Remain “Extremely Cautious” 5 days BP Launches Award Scheme To Rally Employee Support For Renewables 5 days Russia, Saudi Arabia Vow Continued Coordination In Oil Policy 5 days Gasoline Prices Could Hit $3 6 days Tesla Prepares To Build EV Factory In India 6 days Where Did The ‘Missing Barrels’ From 2020s Oil Glut Go? 6 days China Looks To Curb Exports Of Rare Earth Minerals To The U.S. 6 days Norway Averts Oil Strike At Its Largest Refinery 6 days U.S. Natural Gas Crisis Spills Into Mexico 6 days Jaguar Becomes All-Electric From 2025 7 days US Administration Cancels Gulf Of Mexico March Oil & Gas Lease Sale 7 days Arctic Winter In Texas Prompts Rotating Power Outages 7 days Scientists Use Lithium To Control Heat In Nuclear Fusion Reactors 7 days India Boosts Spot Oil Imports As Major OPEC Producers Cut Supply 7 days Shell Shuts Down 310,000 Bpd Deer Park Refinery 7 days Hundreds Of Fuel Tanker Trucks Explode At Iran-Afghanistan Border 10 days Is China Headed To Peak Oil Demand? 10 days Nigerians Can Now Sue Shell In The UK For Oil Pollution 10 days Utility-Scale Batteries Return 82% Of Stored Electricity 10 days China Imports 11.12 Million Bpd Of Oil In January 10 days Gazprom Plans To Start Nord Stream 2 Gas Pipeline This Year 11 days US Sells Seized Iranian Fuel As It Looks To Detain Another Oil Tanker 11 days Oil Majors Shell And Marathon Cut Jobs 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR – “Naked Short Selling: The Truth Is Much Worse Than You Have Been Told” 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova 7 minutes United States LNG Exports Reach Third Place 5 mins Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen. 19 mins Disaster looming in UK offshore wind power 7 mins The latest GOP nonsense on Texas shows us the future Republicans want 22 hours Pipeline vs Train vs Ship to Transport Crude Oil. 27 mins Germany and France Snub BIden Re China 3 hours Minerals, Mining and Industrial Ecology 10 hours Scientist clone endangered Black Footed Ferret from Ferret that died 30 years ago . It’s a 100% exact genomic match. 1 hour The World Economic Forum & DavosSetting the agenda on fossil fuels, global regulations, etc. 1 hour U.S. Presidential Elections Status – Electoral Votes 17 hours Get First Access To The Oilprice App! Breaking News: Tesla’s Cheapest Model Y Is No Longer Available

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Home Energy Oil Prices Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

Victor Gill Ramirez

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Share Facebook Twitter Google + Linkedin Reddit Premium Content Oil Prices Spike As U.S. Outages Tighten Supply By Julianne Geiger – Feb 22, 2021, 11:00 AM CST Join Our Community Oil prices rebounded again on Monday, with WTI shooting up more than 3% to over $61 per barrel by noon ET.

Victor Gill

Oil prices spiked to 13-month highs last week after the Texas Freeze, but prices sagged toward the latter part of the week. But on Monday, a new price rally began, with the price of WTI spiking $1.81 per barrel to $61.05. Brent shot up by $1.73 to $64.64

The price hike comes shortly after Goldman Sachs forecast that oil prices would climb into the $70s over the next few months, and after it became clear that U.S. oil production and refineries will take a bit of time to resume their normal level of output after the Texas Freeze knocked out oil refineries and oil production

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 61.33 +2.09 +3.53% Brent Crude • 10 mins 64.93 +2.02 +3.21% Natural Gas • 10 mins 2.934 -0.135 -4.40% Mars US • 20 hours 59.69 -1.28 -2.10% Opec Basket • 4 days 61.30 -2.13 -3.36% Urals • 62 days 42.22 +0.00 +0.00% Louisiana Light • 4 days 61.82 -0.83 -1.32% Louisiana Light • 4 days 61.82 -0.83 -1.32% Bonny Light • 4 days 62.09 -0.73 -1.16% Mexican Basket • 4 days 58.07 -1.33 -2.24% Natural Gas • 10 mins 2.934 -0.135 -4.40% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

Marine • 4 days 60.80 -2.58 -4.07% Murban • 4 days 61.15 -2.38 -3.75% Iran Heavy • 4 days 59.73 -1.10 -1.81% Basra Light • 4 days 62.55 -1.39 -2.17% Saharan Blend • 4 days 62.70 -0.95 -1.49% Bonny Light • 4 days 62.09 -0.73 -1.16% Bonny Light • 4 days 62.09 -0.73 -1.16% Girassol • 4 days 63.03 -0.86 -1.35% Opec Basket • 4 days 61.30 -2.13 -3.36% OPEC Members Monthly Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 4 days 47.64 -1.29 -2.64% Western Canadian Select • 12 hours 47.41 -1.27 -2.61% Canadian Condensate • 12 hours 58.26 -1.27 -2.13% Premium Synthetic • 12 hours 59.66 -1.27 -2.08% Sweet Crude • 12 hours 56.76 -1.27 -2.19% Peace Sour • 12 hours 53.76 -1.27 -2.31% Peace Sour • 12 hours 53.76 -1.27 -2.31% Light Sour Blend • 12 hours 56.01 -1.27 -2.22% Syncrude Sweet Premium • 12 hours 57.76 -1.27 -2.15% Central Alberta • 12 hours 53.91 -1.27 -2.30% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

Louisiana Light • 4 days 61.82 -0.83 -1.32% Domestic Swt. @ Cushing • 5 days 56.75 -0.50 -0.87% Giddings • 5 days 50.50 -0.50 -0.98% ANS West Coast • 5 days 62.93 -1.11 -1.73% West Texas Sour • 5 days 54.47 -0.62 -1.13% Eagle Ford • 5 days 58.42 -0.62 -1.05% Eagle Ford • 5 days 58.42 -0.62 -1.05% Oklahoma Sweet • 5 days 56.75 -0.50 -0.87% Kansas Common • 4 days 49.50 -1.25 -2.46% Buena Vista • 4 days 65.63 -1.28 -1.91% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Discussion Headlines 45 mins Tesla’s Cheapest Model Y Is No Longer Available 3 hours Iraq Pauses Massive Prepaid Oil Deal With China As Prices Soar 4 hours Brazil President Ousts Petrobras CEO 3 days Texas May Lack Authority To Enforce Ban On Natural Gas Exports 3 days Some Of Texas‘ Biggest Refineries Could Take Weeks To Restart 3 days ERCOT Declares “End” To Texas “Emergency Conditions” 3 days Pemex’s Oil Production Increase Is More Illusion Than Reality 3 days Mexican President Urges Population To Conserve Energy Amid Power Shortage 3 days Ford To Go All-Electric In Europe By 2030 4 days Mexico Overhauls Its Huge Oil Hedge 4 days Tesla Model 3 Is Consumer Reports’ Top Pick For Electric Car 4 days U.S. LNG Exports Set To Exceed Pipeline Gas Exports Next Year 4 days Why Investors Are Buying Bonds Of The World’s Most Indebted Oil Company 4 days Volkswagen Shares Jump After News Of Possible Porsche Listing 4 days Iraq Boosts Oil Exports In Early February Despite OPEC+ Pledge 4 days Texas Governor Bans Natural Gas Exports 5 days WTI Climbs Above $61 As Crude Stocks Dwindle 5 days Saudi Arabia Warns Oil Producers To Remain “Extremely Cautious” 5 days BP Launches Award Scheme To Rally Employee Support For Renewables 5 days Russia, Saudi Arabia Vow Continued Coordination In Oil Policy 5 days Gasoline Prices Could Hit $3 6 days Tesla Prepares To Build EV Factory In India 6 days Where Did The ‘Missing Barrels’ From 2020s Oil Glut Go? 6 days China Looks To Curb Exports Of Rare Earth Minerals To The U.S. 6 days Norway Averts Oil Strike At Its Largest Refinery 6 days U.S. Natural Gas Crisis Spills Into Mexico 6 days Jaguar Becomes All-Electric From 2025 7 days US Administration Cancels Gulf Of Mexico March Oil & Gas Lease Sale 7 days Arctic Winter In Texas Prompts Rotating Power Outages 7 days Scientists Use Lithium To Control Heat In Nuclear Fusion Reactors 7 days India Boosts Spot Oil Imports As Major OPEC Producers Cut Supply 7 days Shell Shuts Down 310,000 Bpd Deer Park Refinery 7 days Hundreds Of Fuel Tanker Trucks Explode At Iran-Afghanistan Border 10 days Is China Headed To Peak Oil Demand? 10 days Nigerians Can Now Sue Shell In The UK For Oil Pollution 10 days Utility-Scale Batteries Return 82% Of Stored Electricity 10 days China Imports 11.12 Million Bpd Of Oil In January 10 days Gazprom Plans To Start Nord Stream 2 Gas Pipeline This Year 11 days US Sells Seized Iranian Fuel As It Looks To Detain Another Oil Tanker 11 days Oil Majors Shell And Marathon Cut Jobs 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR – “Naked Short Selling: The Truth Is Much Worse Than You Have Been Told” 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova 7 minutes United States LNG Exports Reach Third Place 5 mins Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen. 19 mins Disaster looming in UK offshore wind power 7 mins The latest GOP nonsense on Texas shows us the future Republicans want 22 hours Pipeline vs Train vs Ship to Transport Crude Oil. 27 mins Germany and France Snub BIden Re China 3 hours Minerals, Mining and Industrial Ecology 10 hours Scientist clone endangered Black Footed Ferret from Ferret that died 30 years ago . It’s a 100% exact genomic match. 1 hour The World Economic Forum & DavosSetting the agenda on fossil fuels, global regulations, etc. 1 hour U.S. Presidential Elections Status – Electoral Votes 17 hours Get First Access To The Oilprice App! Breaking News: Tesla’s Cheapest Model Y Is No Longer Available

Find us on:

Could Oil Prices Break $100 Next Year? Oil prices could go as…

Energy Commodities Rally: Oil Nears $60, Natural Gas Jumps Above $3 Oil prices were closing in…

Oil Prices Soar As U.S. Oil Production Plunges 30% West Texas Intermediate jumped over…

Home Energy Oil Prices Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

Victor Gill Ramirez

More Info

Share Facebook Twitter Google + Linkedin Reddit Premium Content Oil Prices Spike As U.S. Outages Tighten Supply By Julianne Geiger – Feb 22, 2021, 11:00 AM CST Join Our Community Oil prices rebounded again on Monday, with WTI shooting up more than 3% to over $61 per barrel by noon ET.

Victor Gill

Oil prices spiked to 13-month highs last week after the Texas Freeze, but prices sagged toward the latter part of the week. But on Monday, a new price rally began, with the price of WTI spiking $1.81 per barrel to $61.05. Brent shot up by $1.73 to $64.64

The price hike comes shortly after Goldman Sachs forecast that oil prices would climb into the $70s over the next few months, and after it became clear that U.S. oil production and refineries will take a bit of time to resume their normal level of output after the Texas Freeze knocked out oil refineries and oil production.

One would think that the market’s enthusiasm for oil would be somewhat tempered given the moderately bearish news that OPEC+ heavyweights Saudi Arabia and Russia might be on the cusp of a disagreement again over the oil output agreement that the group is set to soon discuss

As usual, Russia is eager to increase oil production, while Saudi Arabia believes a more cautious approach is warranted

According to Goldman Sachs, Brent will hit $70 per barrel in Q2—this is a $10 increase from from its previous estimate.

The Texas Freeze knocked out as much as 4 million bpd of U.S. oil production and 6 million bpd of refining capacity last week, IHS Markit said . The production outages have created a tighter supply situation that has been absent for most of the pandemic

And the market is latching onto that reality, sending WTI prices north of $61

Oil prices are still below last week’s levels, but by just pennies

By Julianne Geiger for Oilprice.com

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