Overview
- Brent settled at $67.57 and WTI at $62.39 on Tuesday, up about 3% after a weather‑driven supply shock, according to market closes reported by Reuters and The Globe and Mail.
- U.S. producers lost up to roughly 2 million barrels per day over the weekend, and Gulf Coast crude and LNG exports briefly fell to zero on Sunday before rebounding as ports reopened.
- A U.S. carrier strike group arrived in the Middle East and the Treasury sanctioned vessels and firms linked to Iranian oil, sustaining a geopolitical risk premium after President Trump’s ‘armada’ warning.
- Kazakhstan’s Tengiz field is restarting slowly with less than half of normal output expected by early February, even as the CPC Black Sea terminal returned to full loading capacity.
- U.S. natural gas spiked to multi‑year highs above $6–$7 per MMBtu before easing, with freeze‑offs cutting output and feedgas to LNG plants, tightening flows to Europe and lifting regional prices.