• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Oil steady amid Texas supply disruptions, potential OPEC+ moves

February 17, 20217:35 AM Reuters0 Comments

OPEC headquarters in Vienna, AustriaBullish oil prices marked time on Wednesday, as support from supply disruptions in the U.S. south caused by an Arctic blast was offset by expectations that OPEC+ producers may ease their output curbs after April.

U.S. West Texas Intermediate (WTI) crude futures dipped 28 cents, or 0.47% to $59.84 a barrel, retreating from a 13-month high of $60.95 hit on Tuesday. 

CL1! chart by TradingView
Brent crude dropped 2 cents, or 0.3%, to $63.42 a barrel.

Oil prices have run up strongly in recent months and supply disruptions caused by a historic winter storm in Texas, the country’s largest oil producing state, continued to keep prices supported, analysts said.

ANZ and Citigroup analysts estimated at least 2 million barrels per day (bpd) of U.S. shale oil production has been curtailed. Citi estimated a cumulative production loss of around 16 million barrels through early March.

But the extreme cold has also hit crude demand due to disruptions to refinery operations. Chevron Corp’s 112,229 barrel-per-day (bpd) Houston-area refinery in Pasadena, Texas, was shut on Tuesday, the company said.

Both oil futures dipped in early morning trade due to pressure from a stronger U.S. dollar and a potential output increase from the Organization of the Petroleum Exporting Countries and allies, known as OPEC+.

OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices, OPEC+ sources told Reuters, although any increase in output will be modest as producers are wary of fresh setbacks in the battle against the pandemic.

Saudi Arabia’s voluntary cut of 1 million barrels per day (bpd) ends next month. While Riyadh hasn’t shared its plans beyond March with its OPEC+ partners, expectations in the group are growing that Saudi Arabia will bring back the supply from April, perhaps gradually.

The OPEC+ group will meet to set policy on March 4.

“We’re in a technical holding pattern supported by fundamental on the downside and top side capped ahead of March OPEC (meeting),” said Stephen Innes, Axi chief market strategist.

U.S. oil inventory data from the American Petroleum Institute industry group and the Energy Information Administration (EIA) will be released on Wednesday and Thursday respectively, delayed by a U.S. holiday on Monday.

Analysts polled by Reuters estimated, on average, that crude stocks fell 2.2 million barrels in the week to Feb. 12. 29dk2902l

Chevron

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Blacksteel Energy Inc. Announces Further Amendment to Agreement for the Sale of Girouxville Assets
  • New Canadian government launches review of federal regulations – Carney says it’s time to make government processes more effective
  • Discount on Western Canada Select narrows
  • Vermilion Energy Inc. Announces TSX Approval for Renewal of Normal Course Issuer Bid and Confirms Q2 2025 Release Date and Conference Call Details
  • APA curtails US natgas and NGL production in second quarter on weak prices

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.