Cold Spell In Permian Sends Oil Prices Even Higher

Crude prices rallied on Friday morning as a result of small outages in America’s largest shale play and ongoing political tensions between Russia and Ukraine. As if explosions in Nigeria or landslides in Ecuador were not enough, this week has brought another risk factor that was still yet to impact prices - cold. Indeed, a massive winter storm sweeping across the US reached the Permian Basin, triggering fears of potential supply disruptions in the largest American shale play. Add to this the rubber stamping of OPEC+ production increases into…