The cold wave decreases oil and gas production in the United States and significantly increases oil prices – Teller Report

The severe weather that is currently sweeping through the United States has affected the production and supply of energy in the United States. On the Gulf of Mexico coast in the United States, the oil production facilities of many companies such as Total Energy have been closed due to severe cold and the refining capacity lost has reached 1.5 million barrels per day. Crude production in North Dakota decreased from 300,000 to 350,000 barrels per day, about one-third of normal production.

Affected by this, as of the close on the 23rd, the price of light crude oil futures for delivery in February 2023 on the New York Mercantile Exchange increased by USD 2.07 to close at USD 79.56 a barrel, an increase of 2.67%. Natural gas rigs in Texas and other states have also been impacted by the cold: Daily U.S. natural gas production has dropped sharply in recent days, and on the 23rd it dropped to its lowest level in nine months.