WTI Surges; Trades Higher Than OPEC Basket -- February 2, 2021

Perfect storm:

• pipeline bans, drilling lease bans
• winter storm Orlena
• weak dollar

Pre-market trading (6:07 a.m. CT, February 2, 2021):

• WTI: surges 2.33%; up over $1.25; trading at $54.80
• natural gas: surges almost 5%; up over 13.3 cents; trading just under $3.00
• OPEC basket: flat; no change; trading at $54.51
• Brent: up 2.25%; trading at $57.62
• Urals: flat; no change; trading at $42.22

COP earnings: press release --

• loss lighter than expected; loss at 72 cents/share; same qtr last year, earned 65 cents/share;
  
• EPS beats by 6 cents:
• beats on revenue; beats by $1.36 billion
• production: 1,118 vs 1,154 Mboe/d forecast;
• cash flow fell 44% to $1.67 billion but topped forecast of $1.39 billion;
  
• dividend unchanged at 43 cents/share;

Overnight, social media: