Arctic Blast Recovery to Command Market Attention
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)
Much of the United States received a stark reminder last week that winter has not yet transitioned to spring. Amid the backdrop of the recent Arctic blast, players in the oil and gas markets will likely pay particularly close attention this week to changes in key industry figures, according to one of Rigzone’s regular prognosticators. Read on to find out which indicators, along with additional insights, in this installment of what to watch this week in the oil and gas markets.
Tom Seng, Director – School of Energy Economics, Policy and Commerce, University of Tulsa’s Collins College of Business: With about six weeks of winter still to come, we need warmer weather in the producing region to restore production and, perhaps, store additional natural gas and crude in the event that another cold front hits. Traders will be watching to see if OPEC+ does raise output at these higher price levels.
Barani Krishnan, Senior Commodities Analyst, Investing.com: We need to see more numbers on Texas. For what it's worth, analysts at ANZ Bank and Citigroup have estimated that at least 2 million barrels bpd of U.S. shale production had been curtailed by the Texas storm. Citigroup analysts also estimated a cumulative production loss of around 16 million barrels through early March.
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