The Texas freeze is no joke. With temperatures in the low teens to below zero in some places, many people have lost power and heat.
So, with so many Texans without power and the freeze impacting cities from Dallas to Austin, what's going to happen to oil?
Across the U.S., there are estimates that nearly five million people have lost power.
Motiva said it shut down the Port Arthur, Texas refinery--which is the largest oil refinery in the U.S.--due to “unprecedented” freezing conditions along the Gulf Coast.
The company said it was monitoring the weather and would resume operations “as soon as it is safe to do so,” the Associated Press reported.
Kenny Polcari, managing partner at Kace Capital Advisors, weighs in on the oil stocks.
Recap TheStreet Live: What to Watch in the Market Tuesday
Latest Videos From TheStreet and Jim Cramer:
- Coronavirus: The Latest Numbers on the COVID-19 Pandemic
- What the New Reality of Shopping Means for Superstores & Consumers
- How Do You Short a Stock?
- What Is Happening to GameStop Stock? Jim Cramer Explains
- How to Break Diversity Barriers on Wall Street
- What Diversity Means for a Company's Bottom-Line: Al Roker
- Why Terrell Davis Dove Into Business of CBD - Sport of Money