Oil prices jumped by more than $1 on Tuesday, underpinned by optimism over COVID-19 vaccine rollouts and lower output as U.S. supplies were slow to return after a deep freeze in Texas shut in crude production last week.

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The British day-ahead wholesale gas price fell on Monday morning as milder weather forecasts weighed on demand and due to a steady stream of liquefied natural gas (LNG) arrivals.

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Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder that the supply situation was tight, just as demand recovers from the depths of the COVID-19 pandemic.

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Oil prices slid more than 1% on Friday, adding to overnight declines, on worries that refineries will take time to resume operations after the big freeze in the U.S. South, creating a gap in demand, while OPEC+ supplies were expected to rise. ›

Oil prices rallied again on Thursday to hit 13-month highs as concerns that a rare cold snap in Texas could disrupt U.S. crude output for days or even weeks prompted fresh buying. ›

Oil prices advanced further on Wednesday, underpinned by major supply disruption in the south of the United States this week, caused by a historic winter storm in Texas.

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Oil prices rose on Tuesday as a cold front shut wells and refineries in Texas, the biggest crude producing state in the United States, the world’s biggest oil producer.

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Oil prices soared on Monday to their highest in about 13 months as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that a U.S. stimulus and an easing of lockdowns will buoy fuel demand provided support.

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British wholesale gas prices were mixed on Friday morning, with cold temperatures propping up the within-day contract but forecasts of warmer weather curbing future demand.

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Oil prices dropped for a second day on Friday, pulling further back from a one-year high after OPEC again lowered its demand forecast and the International Energy Agency said the market was still over-supplied.

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