Winter Storm Fern has halted Kazakhstan’s Tengiz restart, reducing US crude output by up to 2 million b/d, yet Brent prices stay near $66. Arctic Storm Fern has disrupted electricity supply in the US, slashed oil output, and caused gas production to drop, leading to a surge in power prices. Day-ahead electricity prices in affected areas soared to record highs, impacting energy markets significantly. US Gulf Coast ports have seen a significant drop in crude loading, while domestic gas demand has surged amidst the cold snap.

ExxonMobil looks to sell Eagle Ford assets, while Zijin Gold acquires Allied Gold for $4 billion. ENI farms out 10% of interest in Ivory Coast project, and ADNOC increases stake in Rio Grande LNG project. OPEC+ expected to maintain production freeze, and Kazakhstan resumes Tengiz production after disruptions. Libya signs deals to boost oil production, while Michigan sues major oil companies over antitrust claims. Europe votes to ban Russian gas imports, as North Dakota cuts Bakken production due to extreme weather conditions.

US sanctions tankers servicing Iranian oil, Chevron makes oil discovery in Nigeria, and European countries sign renewable energy pact. PJM issues alerts due to record peak demand, and Qatar supplies gas to Syria via Jordan. Gold prices surge amid Trump tariffs, and PetroChina halts Venezuelan crude imports.

Read more at Yahoo Finance: Why Oil Isn’t Reacting to Storm Fern’s Supply Shock