YGRN - Deepening energy crisis sees oil hit pandemic high natural gas prices soar

A deep freeze enveloping large swathes of the U.S. has resulted in rolling blackouts for at least 5M people from the upper Midwest to Houston to avoid a total collapse of their grids. More than a million barrels a day of oil and 10B cubic feet of gas production have also gone offline, sending U.S. crude prices above $60 a barrel for the first time in more than year and natural gas prices up 6%. Pipelines have also declared force majeure, while massive refineries owned by Exxon Mobil (XOM) and Marathon Petroleum (MPC) have halted production, threatening to reduce supplies of gasoline and diesel across the country.The energy crisis is not the only problem, with the frigid weather expected to remain through Wednesday. All air travel in and out of Houston was shut, and COVID vaccination efforts faced potential disruption, with city officials racing to administer doses before they go

For further details see:

Deepening energy crisis sees oil hit pandemic high, natural gas prices soar