Weather Impacts Spur Oil Prices Higher

摘要

Oil futures charged nearly 4% higher on Monday as markets digested the extent of last week’s weather impacts on the US oil sector. Reports from the Permian Basin and US Gulf Coast refiners suggest that bringing idled capacity back on line will require significant repairs and take much longer than expected. Some refinery operators are discovering ruptured pipes after abnormally low temperatures hit the region, while upstream workers are struggling to return to oil fields due to frozen roads.