8 PLUS VET Texas' freeze entered a sixth day on Thursday, as the largest energy-producing state in the United States grappled with refining outages and oil and gas shut-ins that rippled beyond its borders into neighbouring Mexico. deep freeze has shut in about one-fifth of the nation's refining capacity and closed oil and production across the state.
"The temporary outage will help to accelerate U.S. oil inventories down towards the five-year average quicker than expected," SEB chief commodities analyst Bjarne Schieldrop said.
Oil's rally in recent months has also been supported by a tightening of global supplies, due largely to production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allied producers in the OPEC+ grouping, which includes Russia.
OPEC+ sources told Reuters the group's producers are likely to ease curbs on supply after April given the recovery in prices.