Storms cut deep into US oil output, refining

摘要

The cold snap that crippled Texas’ power grid cut deeply into US crude production and refining, but the impact may be rela- tively short-lived. US oil output fell by 1.1mn b/d, or 10pc, in the week to 19 February, preliminary data from the Energy Information Administration show. Refinery inputs fell more steeply as wide- spread power cuts and natural gas curtailments forced many units to shut. Throughputs fell by nearly 18pc to 12.6mn b/d, the lowest in over a decade. US Gulf coast refinery processing fell by 27pc to 6mn b/d — the lowest since Hurricane Harvey fooded the Texas coast in September 2017.