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
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
