This simply blows me away, on so many levels.
Weekly EIA petroleum data:
- the time line:
- Texas Freeze; power lost: February 15, 2021
- power back on: February 19, 2021
- commerce back to normal: February 22, 2021
- US crude oil in storage increased by 21.6 million bbls from the previous week;
- US crude oil in storage now stands at 484.6 million bbls, only 3% above the five year average for this time of year
- refineries were operating at 56.0% of their operable capacity last week (week ending February 26, 2021)
From February 17, 2021, right during the height of the Texas Freeze:
Today, over at CNN Business: what does Warren Buffett see in Chevron? The lede:
Many investors are increasingly hesitant to hold shares of oil and gas companies as a global energy transition gathers steam.Not Warren Buffett.What's happening: Buffett's Berkshire Hathaway just disclosed a new stake in Chevron (CVX), the second largest oil firm in the United States.The $4.1 billion investment could have been spearheaded by Berkshire investment managers Ted Weschler and Todd Combs. But Buffett still runs the show, and it's a sign that the world's most famous investor sees long-term value in a sector that's taking plenty of heat.Chevron shares plunged to their lowest level since 2006 when the pandemic destroyed oil prices last March, and they've failed to fully recover. The company posted a net loss of $5.5 billion for 2020, and its stock is now trading at $93.13, 15% lower than one year ago.