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Cattle find shelter from the cold wind on the side of a pump jack array last weekend in Midland, Texas. A historic winter storm plunged the state’s energy sector into a deep freeze that saw oil prices jump. (Eli Hartman/Odessa American/The Associated Press) It was only last spring that the price of a barrel of oil plunged below zero amidst tumbling fuel demand brought on by a global pandemic. What a difference 10 months can make. Fast forward to this February and there’s talk about how high prices might climb, with a reputable Wall Street investment bank recently suggesting they could again end up on a path to $100 US a barrel . It’s still a volatile time for the industry, with energy markets roiled again this week by a historic cold snap that plunged the Texas oil industry into a deep freeze. And as the North American benchmark price temporarily climbed over $60 US in recent days, the sector continues to navigate, among other things, the uncertainties of COVID-19 and what the economic recovery will look like. "We’re in for a choppy ride on crude prices for the next couple years," said Rory Johnston, managing director and market […]
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