US refining put on ice
Blizzards in Texas have dramatically halted downstream activities, leaving opportunities for facilities still running
Arctic conditions across the US Gulf Coast have forced downstream companies to declare force majeure and shut in more than 3.6mn bl/d of refining capacity. In the shale patch, intermittent blackouts and power outages have caused widespread supply disruptions as temperatures plummeted to their lowest level in more than 50 years. Almost one-third of US production has been impacted by the cold snap, the largest on record. And while WTI broke the $60/bl ceiling in early February, the hit on refining demand has helped stabilise the oil price, preventing any sudden acceleration due to the knocked-out production. “Given the 3.6mn bl/d refinery capacity shut-in, with refineries estimated to have rec
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
