Former United States Secretary of Energy Dan Brouillette argues that the situation in Texas after a storm shows the importance of a “diverse energy supply”.
Oil and gas prices continued to rise Tuesday morning as icy winter weather choked the wells and refineries and shut down natural gas production in Texas and Oklahoma, leaving millions without power.
West Texas Intermediate crude rose 19 cents to $ 59.66 a barrel while natural gas rose 21.3 cents, or 7.31%, to $ 3,125 a thousand cubic feet. RBOB gasoline was 6.2 cents higher at $ 1.7545 per liter.
“This is a temporary event,” said Stewart Glickman, an analyst at CFRA Research. Higher prices will “continue until we can reach darkening phases, power lines are restored and things return to normal.”
WALMART TEMPORARILY CLOSES 600 SHOPS WHICH ARE AGAIN
The Trinity River was mostly frozen after a snowstorm Monday in Fort Worth, Texas. (AP / Star-Telegram)
The icy weather conditions have put about 3 million barrels of crude oil production, or about 15% of US production, down the right path. At the same time, the production of natural gas has been shut down and the fractionators that make natural gas liquids into propane are seeing greater demand. Shares of natural gas producers rose along with prices.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| CNX | CNX RESOURCES | 13.52 | +0.20 | + 1.50% |
| RRC | REACHING RESOURCES | 10.59 | +0.43 | + 4.23% |
| AR | ANTERO RESOURCES CORP | 9.18 | +0.18 | + 2.00% |
Parts of Texas will see normal temperatures until at least mid-this week, with up to six inches of snow expected Thursday morning. The temperature is currently in the single digits, and wind chills are expected to drop to 15 degrees below zero.
TESLA CHARGING COSTS SPIKE IF DISCUSSED ELECTRICITY PRICES
Millions of Texans have disappeared heavily over the past few days as cold temperatures have caused wind turbines to freeze.
The Texas Electric Reliability Board, which manages power for more than 26 million Texans, or about 90% of the state’s electric charge, warned Tuesday morning that the number of controlled outages to be carried out is “still” high, but that it expect “Reduce the number throughout the day.”
In neighboring Oklahoma, thousands are without power, as low temperatures and insufficient natural gas supplies have caused Oklahoma Gas & Electric Co. his own rolling blackouts begin.