Cold wave causes U.S. oil and gas production to fall and oil prices to rise significantly – Teller Report

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

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 rose by US$2.07 to close at US$79.56 a barrel, an increase of 2.67%. Natural gas extraction facilities in Texas and other states have also been affected by the low temperature. The daily production of natural gas in the United States has dropped sharply in recent days, and on the 23rd it fell to the lowest level in nine months.