Oil prices are climbing amid winter storms and tightened sanctions against China by the Biden administration.
Oil markets have been dominated by storms and sanctions at the start of 2025. Biden has intensified sanctions against China in his final days in office, coinciding with rising oil prices. Winter Storm Blair has impacted the US Midwest, Plains, and Atlantic Coast with snow and freezing temperatures, leading to the cancellation of nearly 2,000 flights and driving up oil and gas prices. Wholesale electricity prices in the US Northeast surged into triple digits as demand for power increased.
The NYMEX ULSD futures contract reached its highest point since early October, settling at $2.35 per gallon on Monday due to heightened heating oil demand. The cold snap has also extended to Texas, pushing Permian's Waha gas trading hub to a one-year high of $3.67 per mmBtu after trading at negative values in November 2024. Meanwhile, ENI BITENI announced the resumption of drilling at Egypt's Zohr gas field this month, while Phillips66 NYSEPSX acquired midstream assets from EPIC NGL for $2.2 billion. Portuguese oil company Galp Energia ELIGALP is investigating a potential conflict of interest regarding CEO Filipe Silva. Sanctions have become a key focus in 2025, with the Pentagon targeting state-backed Chinese oil and shipping firms this week
ENERGY OIL GAS PRICES SANCTIONS WINTER STORM
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