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Oil Prices Rally as Cold Blast Hits Texas

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Frigid temperatures across swaths of the U.S. injected new momentum into the rally in energy markets Monday, boosting demand for fuel and power while threatening oil-and-gas production in Texas.
Brent-crude futures, the benchmark in international energy markets, rose 1.4% to $63.30 a barrel, their highest level since January 2020. Futures for West Texas Intermediate, the main grade of U.S. crude, rose 1.1% to $60.13 a barrel and futures for natural gas at Henry Hub in Louisiana were up 4.3% at $3.04 per million British thermal units, according to FactSet.
The fresh leg in the energy market’s recovery from the coronavirus shock came as a …

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