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Oil pumping jacks, also known as "nodding donkeys"in a Rosneft Oil Co. oilfield near Sokolovka village, in the Udmurt Republic, Russia, on Friday, Nov. 20, 2020. The flaring coronavirus outbreak will be a key issue for OPEC+ when it meets at the end of the month to decide on whether to delay a planned easing of cuts early next year. Photographer: Andrey Rudakov/Bloomberg , Bloomberg West Texas Intermediate crude oil has traded as high as US$60.95 and New York gasoline futures have spiked almost 6 per cent as a Texas winter blast wreaks havoc with energy infrastructure. As of 6 a.m. ET this morning, almost 4 million customers were without power in the state, according to poweroutage.us. Meanwhile, it’s been estimated that at least 1 million barrels in daily oil production has been shut down as the cold snap stings shale production in the United States, and refineries are being taken offline because of the fragile supply of power in Texas. STOCKS RISE Futures are pointing to gains at the start of trading as trading resumes in North America after yesterday’s holidays. All the major Canadian and U.S. indices closed at record highs on Friday; no doubt Shopify will […]
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