RE:RE:I thought there was a huge oil build?? Why we flying Boots on the ground in Texas tell me refineries are working flat out to fill supply chains and meet demand. Weather has warmed up and the cleanup and reconstruction is starting. Lots of damage to remove and repairs/rebuilding to do. Demand for fuel is going through the roof for this time of year and repair work will be going on for months. Summer is going to be epic. Get ready much higher prices this summer.
juvefooballclub wrote: Refineries processed 12.3 million bpd last week, operating at 69 percent of capacity, amid the resumption of normal operation following the Texas Freeze that led to outages and shutdowns.
Oil prices, meanwhile, stalled on their way higher as traders began to take profits, with some betting the downward potential was beginning to exceed the upward momentum.
At the time of writing, Brent crude was trading at $68.01 a barrel, with West Texas Intermediate at $64.52 a barrel, both down from heights hit earlier this week, when Brent briefly topped $70 a barrel. The rally was spurred by OPEC+’s decision to leave production cuts as they are for another month and reports that the supply of crude was tightening glr Oilprice.comobally as demand began to pick up.
By Irina Slav