Oil Prices Reach Fresh Highs as Cold Blast Hits Texas
Frigid temperatures across swaths of the U.S. injected new momentum into the rally in energy markets, putting West Texas Intermediate crude on course to settle above $60 a barrel for the first time since the early days of the Covid-19 pandemic.
WTI crude futures gained 1.8% to hit $60.53 a barrel Monday morning, extending their advance in 2021 to 25%. Brent crude, the international benchmark, climbed 1.2% to hit a 13-month high of $63.20 a barrel in London. Natural gas futures at Henry Hub in Louisiana were up 3.3% at $3.01 per million British thermal units.
The fresh leg in the energy market’s recovery from the coronavirus shock came as a blast of cold weather boosted demand for power and fuel, while threatening to knock oil production in Texas. Over 150…