US refinery capacity slashed amidst cold weather snap

Oil

Energy companies in the US Gulf Coast have been forced to take at least 3.3M b/d of refining capacity offline following a snap of unusually cold weather, as regional power outages force refineries to shut down or reduce operations, Argus reports. Procedures at the Houston Ship Channel have also been forced to cease due to the adverse weather, raising further concerns around the shipping of oil and fuel exports, according to Reuters.