Finance
Oil prices mixed as US supply worries linger after winter storm
Published by Global Banking and Finance Review
Posted on January 28, 2026
3 min readLast updated: January 28, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on January 28, 2026
3 min readLast updated: January 28, 2026
Oil prices are mixed as US supply concerns persist after a winter storm disrupted production and exports. Brent crude fell slightly, while WTI rose.
By Yuka Obayashi
TOKYO, Jan 28 (Reuters) - Oil prices were mixed on Wednesday, with Brent down slightly but the U.S. contract edging higher as supply concerns grew after a winter storm disrupted crude output and halted Gulf Coast exports over the weekend.
Brent crude futures fell 6 cents, or 0.1%, to $67.51 a barrel by 0122 GMT, but U.S. West Texas Intermediate crude climbed 4 cents, or 0.1%, to $62.43 a barrel.
Both benchmarks surged about 3% on Tuesday.
U.S. producers lost up to 2 million barrels per day or roughly 15% of national output over the weekend, analysts and traders estimated, as the storm strained energy infrastructure and power grids.
Crude and liquefied natural gas exports from U.S. Gulf Coast ports tumbled to zero on Sunday, ship tracking service Vortexa said.
"The impact of the U.S. cold snap and concerns over supply disruptions in Kazakhstan are supporting prices, but once supply fears ease, selling pressure is likely to return," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
He added the balance between a projected supply surplus this year and geopolitical risks, including Middle East tensions, could keep WTI trading around $60 a barrel for now.
Kazakhstan's biggest oilfield, Tengiz, is likely to restore less than half of its normal production by February 7 as it slowly recovers from a fire and power outage, two sources familiar with the matter told Reuters.
Pipeline operator CPC said it has returned to full loading capacity at its Black Sea terminal after completing maintenance at one of its three mooring points.
SUPPLY FEARS REMAIN AMID MIDEAST TENSIONS
A U.S. aircraft carrier and supporting warships have arrived in the Middle East, two U.S. officials told Reuters on Monday, expanding President Donald Trump's capabilities to defend U.S. forces, or potentially take military action against Iran.
On the supply side, OPEC+, or the Organization of the Petroleum Exporting Countries plus Russia and other allies, is set to keep its pause on oil output increases for March at a meeting on February 1, three OPEC+ delegates told Reuters.
U.S. crude oil and gasoline stockpiles were expected to have risen in the week ended January 23, while distillate inventories likely fell, an extended Reuters poll showed on Tuesday.
But U.S. crude and gasoline stocks fell while distillate inventories rose last week, market sources said, citing American Petroleum Institute figures on Tuesday.
(Reporting by Yuka Obayashi; Editing by Jamie Freed)
Brent crude is a major trading classification of crude oil originating from the North Sea. It serves as a benchmark for oil prices globally.
West Texas Intermediate (WTI) is a grade of crude oil used as a benchmark in oil pricing. It is sourced from the U.S. and is known for its light and sweet characteristics.
OPEC+ refers to the Organization of the Petroleum Exporting Countries and its allies, which collaborate to manage oil production and influence global oil prices.
A winter storm can disrupt oil production by damaging infrastructure, causing power outages, and halting transportation, leading to reduced output and supply shortages.
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