Temperatures dipped far below normal levels in the mid-region of the US during the week ending Feb. 19, causing substantial production freeze offs and power outages at refineries, terminals, and processing plants. Oklahoma and Texas were particularly impacted by the extreme cold weather, with portions of those regions dipping to 40 degrees below normal temperatures for this time of year. On the supply side, the impact from freeze offs peaked on Feb. 17 with 4 million b/d of crude being offline, resulting in production being down 2.5 million b/d on average during the week. Approximately 90% of the losses were estimated to be back online early the following week. The freeze offs also caused 20+ Bcf/d […]