Specifically, Brent crude futures fell 29 cents, or 0.4%, to $65.59 per barrel. Meanwhile, West Texas Intermediate (WTI) crude fell 44 cents, or 0.7%, to $60.63 per barrel. Both benchmark crudes had recorded gains of 2.7% last week and closed the week at their highest levels since January 14, 2026.
According to estimates from analysts and traders, US oil producers saw production cuts of up to 2 million barrels per day, equivalent to about 15% of total national output, over the past weekend, as a winter storm swept across the country, putting significant pressure on energy infrastructure and the power grid.
According to consulting firm Energy Aspects, production disruptions peaked on January 24th, with the Permian Basin – the largest oil-producing region in the U.S. – being the hardest hit, experiencing a production drop of approximately 1.5 million barrels per day. By January 26th, disruptions had eased, with temporary production cuts in the Permian estimated at around 700,000 barrels per day, and production projected to fully recover by January 30th.
According to records submitted to regulatory agencies, approximately 20 incidents were recorded at natural gas processing plants and compressor stations in Texas over the weekend. However, this number is still significantly lower than the more than 200 incidents reported during the first five days of a severe winter storm in 2021.
Meanwhile, Kazakhstan is preparing to resume production at its largest oil field. However, industry sources say output remains low and the force majeure status on CPC Blend exports has not yet been lifted.
Analysts say traders remain cautious about geopolitical risks, as tensions between the US and Iran continue to hold markets on edge. Last week, US President Donald Trump declared that the US has a "fleet" heading toward Iran, although he said he hoped it wouldn't have to be used, while also reiterating his warning to Iran against suppressing protesters or restarting its nuclear program.
Dennis Kissler, senior vice president of trading at BOK Financial, said the crude oil market is generally in a "wait-and-see" state until there is clearer information on how the Trump administration will handle the Iran issue. He also said that ongoing peace talks between Ukraine, Russia, and the US, along with the Organization of Petroleum Exporting Countries (OPEC)'s likely stance on maintaining production levels at upcoming meetings, continue to put pressure on oil prices.
In a longer-term scenario, Rystad Energy CEO Jarand Rystad said that US shale oil production could fall by as much as 400,000 barrels per day by 2026 if OPEC countries seek to increase their market share and oil prices fall to around $40 per barrel.
Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-dao-chieu-di-xuong-20260127073956277.htm
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