A winter storm, referred to as winter storm Fern, has disrupted crude supply in the Permian region. The storm has reportedly knocked out a significant amount of crude output, with some outlets citing a specific loss of 2 million barrels per day, although the overall impact on oil markets is unclear. The storm is also affecting US gas output, with forecasts of a 20 billion cubic feet per day loss, and has led to a surge in oil futures.