Crude oil prices jumped more than 3% on Tuesday as a powerful winter storm disrupted U.S. oil production and temporarily halted Gulf Coast crude exports, lifting Oklahoma energy stocks alongside the broader energy sector.
Winter storm disrupts U.S. oil production
The severe winter weather strained energy infrastructure across major producing regions, forcing operators to shut in production and slowing drilling activity. According to analysts and traders cited by Reuters, U.S. oil producers lost as much as 2 million barrels per day, or roughly 15% of national production, over the weekend as freezing temperatures spread across large portions of the country.
The storm also brought U.S. Gulf Coast crude exports to zero over the weekend, further tightening supply in the global market and adding upward pressure on prices.
Crude oil prices rise on supply losses
West Texas Intermediate crude climbed $1.76, or 2.9%, to settle at $62.39 per barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, gained $1.98, or 3.02%, closing at $65.57 per barrel.
Market participants continued to weigh weather-related disruptions against broader geopolitical risks and export uncertainty as temperatures remained dangerously low in parts of the central and southern United States.
Natural gas prices retreat after storm-driven surge
After rallying sharply over the past week due to extreme cold and surging demand, natural gas prices pulled back on Tuesday. Futures fell $0.287, or 4.22%, to settle at $6.513 per MMBtu, as traders locked in profits following recent gains.
Oklahoma energy stocks finish mostly higher
Oklahoma energy stocks moved higher in Tuesday’s session, tracking gains in crude oil prices. Stardust Power and Ovintiv each recorded gains of approximately 3%.
Losses were limited, though Empire Petroleum stood out among the laggards, dropping more than 6% during the session.