According to Bloomberg, physical oil prices in the U
According to Bloomberg, physical oil prices in the U.S. are rebounding to levels seen before a deep freeze hit Texas last month, showing the growth in demand for crude of fuel-making plants.
Thus, according to the agency, Mars Blend, a regional sour crude benchmark, traded this month at the largest premium in almost three weeks to WTI crude oil futures. Other key grades also firmed. According to the agency, overall, seven of 18 refineries affected by the cold blast, making up over 2 million barrels a day of crude processing capacity, were operating normally as of Monday.
"Another reason for the strength (of prices - ed. note) is due to increased demand for U.S. crude from overseas buyers after OPEC+’s surprise decision to continue limiting supply", noted in the report. South Korea, India, Canada and Europe are stepping up purchases of U.S. oil, according to the agency. Interest from China is limited due to the country's high reserves of crude.