Texas Refineries Slowly Restart After Last Week’s Deep Freeze
Refineries in the oil-rich Texas Gulf rapidly started ramping up production as much as possible following the fallout of the deep freeze which locked in as much as 4 million barrels per day in the height of the cold snap. It is thought the 85% of production is back online, but there are a few issues causing power outages to restore production back to full capacity. Oil prices were boosted 4% on Monday as a result of the slow return of crude online. (Reuters)
Morgan Stanley Sees Brent At $70/Bbl In Third Quarter On Improving Market
Morgan Stanley sees Brent pushing to higher levels than previously forecast on stronger demand and supply fundamentals shown in the current market with brent pushing up to $65 a lot earlier than previously predicted. They now join Goldman Sachs who have also recently altered their brent forecast upwards, with the Bank predicting levels to reach $70 but Q2 and $75 by Q3. (Reuters)
Saudi Arabia And Russia Are Headed For Another Clash On OPEC+ Oil Cuts
As the next OPEC+ meeting looms in a matter of days, reports are suggesting that two key players are of opposite opinions on how best to manage the supply quotas as oil price hits 13-month highs. Saudi Arabia – the nation making 1 million barrel per day of voluntary cuts and Russia are said to have differing strategies as to how best manage the supply in the market. (OilPrice.com)