Refrigerating temperatures in U.S. areas gave a new impetus to the concentration of energy markets, causing crude West Texas Intermediate to hover above $ 60 a barrel for the first time since the early days of the pandemic. Covid-19.
WTI crude futures gained 1.8% to $ 60.53 a barrel on Monday morning, expanding their 2021 advance to 25%. Brent crude, the international benchmark, rose 1.2% to a high of $ 13.20 a barrel in London for 13 months. Natural gas futures at Henry Hub in Louisiana rose 3.3% to $ 3.01 per million British thermal units.
The recovery of the energy market after the coronavirus shock occurred when the cold storm increased energy and fuel demand, while threatening oil production in Texas. More than 150 million Americans receive some form of winter advice, the National Meteorological Service said Monday. The agency predicts heavy snow and significant ice from the southern plains and the Ohio Valley to the northeast.
Some analysts think investors have raised oil prices above levels justified by supply and demand, but others expect them to continue to expand.
“We haven’t seen any surprising factor stopping this type of rally, at least not yet,” said Carole Nakhle, executive director of consulting firm Crystol Energy. Demand is pending, crude oil reserves that rose last year are shrinking and the Organization of the Petroleum Exporting Countries retains millions of barrels a day behind the market, he added.