The WTI prompt-month contract rose $0.95 to $61.58/Bbl on Tuesday morning (7:45 AM CT)
The freeze has disrupted refinery activity along the Texas Gulf Coast reducing near-term domestic demand
The storm has also affected domestic production around the country
According to North Dakota Pipeline Authority, between 80 – 110 MBbl/d of state production was offline Monday
Other analysts at TP ICAP Group, suggest crude production in the southern central US is down 1 MMBbl/d
On Tuesday, President Trump reiterated the US was sending a naval fleet towards the Middle East, raising the prospect of a potential escalation with Iran
Crude tanker rates surged to multi-year highs in late 2025 (EIA)
VLCC and Suezmax rates jumped as strong East Asian demand, higher OPEC output, and sanctions-driven trade rerouting tightened vessel availability and lengthened voyage distances
VLCC rates rose 118–139% YoY on key Persian Gulf routes, while Suezmax rates increased more than 100% on USGC and Black Sea routes
Rates declined in early 2026 on seasonal demand softening, though Suezmax freight remains near multi-year highs
February natural gas rally cools off, sliding more than 70c today (8:30 AM)
After surging to a high price of $7.44/MMbtu yesterday, February gas traded lower into the close
The more actively traded March contract dropped 15c to $3.75/MMbtu
Freezing weather has put a strain on electricity grids
PJM Interconnection LLC declared a level-1 emergency, and is requiring that every plant in the New Jersey - Chicago region run at full capacity
The Energy Department has authorized the grid to divert power from data centers and factories to prioritize hospitals and households
Natural gas production fell to a low of 97.2 Bcf/d as freeze-offs continue to weigh on supply
LNG feedgas demand falls to one-year low
Inflows to US export plants fell to 11.42 Bcf/d last weekend, but have recovered slightly to 14 Bcf/d this morning
This compares to highs of more than 20 Bcf/d seen earlier this month
US LNG imports have jumped
The Elba LNG export plant also has import capability and has been sending gas back into the US pipeline system, while the Everitt import terminal in Boston recently received a cargo from Trinidad
Typically, the US will only import LNG cargoes at times of extreme demand, usually in the Northeast
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