The U.S.’s emergency oil reserve was already significantly depleted when Trump took office 16 months ago Bloomberg News The United States’s emergency supply of crude oil has fallen to its lowest level since 1983 as the Trump administration moves toward completing its plan to release 172 million barrels to ease surging fuel prices spurred by … Read more
Citi on Monday cut its average Brent crude forecasts to $75 and $70 per barrel for the third and fourth quarters of 2026, respectively, citing expectations that the Strait of Hormuz trade flows will resume and normalize after the U.S. and Iran approved a memorandum of understanding to end the war in the … Read more
U.S. Vice President JD Vance said on Monday that he hopes text of an agreement to halt the war in Iran and open the Strait of Hormuz will be released this week, as further negotiations over the deal’s details were set to continue. In an interview on CNBC, Vance also said the United States expects … Read more
India’s Petronet sent a liquefied natural gas tanker through the Strait of Hormuz, the only shipment on Monday since the United States and Iran reached a peace deal to reopen the strategic waterway, shiptracking data showed. The limited traffic underscores wariness among shippers who have welcomed the deal but are still waiting for more details … Read more
Ensuring the Strait of Hormuz is safe from mines could delay a return to normal shipping traffic by weeks following a deal to reopen the waterway, shipping and maritime security sources say. The operation by conventional minesweepers and state-of-the-art underwater drones could continue for 40 to 50 days before many insurance, shipping or oil … Read more
The U.S.-Iran deal ending months of fighting and reopening the Strait of Hormuz will prompt a collective sigh of relief from energy exporters and importers alike. But the fragile calm may not prevent future flare-ups, casting doubt over how quickly – or fully – tanker traffic through the vital waterway can return to normal. … Read more
June 15 (Reuters) – U.S. energy shares fell in premarket trading on Monday as crude prices tumbled after Washington and Tehran reached an initial deal that could end the months-long conflict and reopen the vital Strait of Hormuz. The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, Pakistan’s prime minister said, after … Read more
Summary US, Iran to sign MOU on peace deal on Friday, Pakistan PM says Deal includes reopening of Strait of Hormuz Further talks on final agreement expected in next 60 days LONDON, June 15 (Reuters) – Oil prices slipped to a 3-month low on Monday after U.S. President Donald Trump and Iran’s deputy foreign minister said they … Read more
British oil major BP has started a process to sell stakes in two of its Gulf of Mexico projects, four people with knowledge of the matter said, in what would be one of new CEO Meg O’Neill’s first moves. BP, one of the largest operators in the Gulf of Mexico, has been weighing a … Read more
(Reuters) – U.S. energy firms cut the number of rigs operating for the first time in eight weeks, energy services firm Baker Hughes said in a closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, fell by 1 to 562 in the week to June 12. … Read more
By EnergyNow Editorial Staff For much of the past decade, international investors viewed Canada’s oil and natural gas sector as a paradox. The country possesses some of the largest petroleum reserves in the world, a highly skilled workforce, strong environmental standards, political stability, and access to growing global energy markets. Yet despite these advantages, billions … Read more
by EnergyNow Editorial Staff The Trump administration has launched a major effort to expand offshore oil and gas development along the California coast, reopening a debate that has largely been dormant for decades. In January, the U.S. Department of the Interior began the process of considering new offshore lease sales in federal waters off Central … Read more
A liquefied natural gas tanker that has been trapped in the Persian Gulf for over three months appears to be heading toward the Strait of Hormuz, just as the US and Iran say they have reached a deal to reopen the waterway. Disha, which is under a long-term charter with an Indian state-owned importer, is north of … Read more
Shell once had grand ambitions to be the world’s biggest electricity producer through renewable energy sources Bloomberg News The plan to sell the offshore farms marks a further departure from the British energy giant Shell’s past strategy to diversify into green electricity, as they pivot back to fossil fuels. Shell PLC is preparing to launch a … Read more
SINGAPORE, June 15 (Reuters) – Oil prices slipped in early trading on Monday after U.S. President Donald Trump and Iran’s deputy foreign minister said they have reached a deal to halt the war and to resume traffic through the Strait of Hormuz. Brent crude futures fell $3.51, or 4.02%, to $83.82 by 2203 GMT and … Read more
President Donald TrumpPhotographer: Shawn Thew/EPA/Bloomberg The US and Iran said they reached an interim agreement to reopen the Strait of Hormuz, halting a war that killed thousands of people and setting the stage for 60 days of negotiations on the fate of the country’s nuclear program. Officials from the two countries will meet in Switzerland … Read more
By Stephanie Kelly Buyback pause linked to pending ARC Resources acquisition and shareholder vote Unpurchased shares will be rolled into 2026 buybacks, pending board approval ARC deal is Shell’s largest since 2016 LONDON, June 12 (Reuters) – Shell (SHEL.L) said on Friday it was pausing its $3 billion share buyback programme through July 14, citing … Read more
Reuters A senior Iranian official told Reuters a final draft of the memorandum of understanding with the U.S. covered a range of issues, from Tehran’s nuclear work to reopening the Strait of Hormuz and U.S. waivers on oil sanctions, with a final deal to be discussed in the 60 days following agreement by the two … Read more
(Reuters) – U.S. refiners can still absorb more Venezuelan crude, Energy Secretary Chris Wright said Friday at an event at Port Houston. Venezuela is sending about half of its total exports of 1.2 million barrels a day to the U.S., Wright said, adding that that percentage could increase in the coming months. Iran is not … Read more
Summary Brent hits lowest level since early March, WTI at lowest since April Analysts say upside risks remain, seasonal demand could lift prices OPEC lowers 2026 oil demand growth forecast to 970,000 barrels per day, raises 2027 forecast HOUSTON, June 12 (Reuters) – Brent crude prices fell to their lowest levels since early March as … Read more
By Priscila Azevedo Rocha and Ruth Liao US liquefied natural gas developers expected Europe to become the cornerstone market for the next generation of export projects. Instead, the region is increasingly shying away from the long-term contracts needed to get them built. US executives are coming back empty-handed this year from the industry meetings and … Read more
LONDON, June 12 (Reuters) – Britain on Friday said that a full ban on diesel and jet fuel made in Russia would happen by 2027 as it set out its timeline to end a temporary licence for Russian oil products. Britain last month said it would continue to allow imports of diesel and jet fuel … Read more
(Reuters) – The United States and Iran are not quite at the finish line, but are very close to a deal to resolve their conflict, a senior U.S. official said on Friday, adding that Washington expects to sign an initial deal in the coming days. “The negotiating team has got us in a very good … Read more
(Reuters) – The extreme volatility of global oil prices has drained liquidity from the market this year at the fastest pace on record, as investors have become increasingly wary of committing cash to an asset that has become hostage to U.S. President Donald Trump’s daily social media posts on the Iran war. Liquidity, or how … Read more
(Reuters) – Since the start of the Iran war and Tehran’s announcement that the Strait of Hormuz was “closed”, the market has grappled to put a figure on lost crude supply and to predict the price of oil. Initial calculations were simple: add up all non-Iranian Gulf crude oil exports, some 12 million to 15 … Read more
(Reuters) – Exxon Mobil Corp is exploring potential acquisition targets, including Australia’s Woodside Energy Group, Bloomberg News reported on Friday, citing people familiar with the matter. Any move for Woodside would further strengthen the U.S. oil major’s position in liquefied natural gas (LNG), a business that major energy companies increasingly see as a key growth … Read more
(Reuters) – Chevron is continuing to look at new opportunities in the Middle East and may have more exposure to the region in the future, Chief Executive Officer Mike Wirth said on Friday. Terms of investing in the region are better than they’ve historically been, Wirth said, adding that the Middle East currently accounts for … Read more
(Reuters) – Roughly 7 million barrels of oil are getting out of the Persian Gulf each day with U.S. military help, U.S. Energy Secretary Chris Wright said on Friday at an event in Houston. No Iranian crude is getting out of the Strait of Hormuz, Wright said, adding that he expected to see the free … Read more
(Reuters) – U.S. President Donald Trump denied on Friday that the United States has made major concessions to Iran and a senior U.S. official called an emerging pact “performance-based” with Tehran getting no frozen assets until its part of the agreement is fulfilled. In a post on his Truth Social platform, Trump said Iran’s leaked … Read more
US summer driving season hits as gasoline supplies squeezed tight (Reuters) – U.S. vacationers are barreling into peak summer driving season just as the gasoline market faces a supply crunch, with resilient domestic demand and surging fuel exports threatening to strain thin inventories and send pump prices climbing. Surging summer demand from American motorists has … Read more
Summary Upside risks remain, seasonal demand could lift prices, analysts say OPEC lowers 2026 oil demand growth forecast to 970,000 bpd, raises 2027 demand growth LONDON, June 12 (Reuters) – Oil prices fell over 3% on Friday to their lowest in nearly two months after U.S. President Donald Trump cancelled new strikes on Iran, reducing fears of … Read more
(Reuters) – Just one-in-three Americans approve of the fast pace of data-center construction that supports artificial intelligence and most would oppose building one in their own community, according to a new Reuters/Ipsos poll. The poll results reflect widespread public unease over the data center boom in the United States, an issue high on the minds … Read more
(Reuters) – U.S. President Donald Trump on Thursday said the United States would hit Iran “very hard tonight” and that he wanted to eventually seize Kharg Island, the export heart of one of the world’s largest oil producers. Following are key facts on Iran’s energy industry: KHARG ISLAND The third-largest producer in the Organization of … Read more
By Amanda Stephenson and Arathy Somasekhar Wet weather and Cenovus outage disrupt Western Canada oil supply Cushing inventories near operational lows as U.S. crude stocks fall Western Canadian crude inventories at lowest since 2020 CALGARY, June 11 (Reuters) – Wet weather and a power outage at a major oil sands producer have contributed to crude … Read more
(Reuters) – U.S. President Donald Trump said he hascanceled planned strikes against Iran on Thursday, hours after threatening more bombings and a desire to “take” oil export hub Kharg Island. “Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I … Read more
(Reuters) – U.S. President Donald Trump said on Thursday the Strait of Hormuz would be opened as soon as a “great settlement” of the war in Iran was signed, an event he said he expected would happen within days. “We just made a great settlement of the war with Iran”, Trump told reporters in the … Read more
(Reuters) – The Iran war has become an additional driver of demand for gas turbines, Siemens Energy executives said on Thursday, at a time when manufacturers are already flooded with orders due to the massive data centre expansion in the United States. Along with rivals GE Vernova and Mitsubishi Heavy Industries, Siemens Energy has seen … Read more
(Reuters) – President Donald Trump said on Thursday he wants to take over Kharg Island, Iran’s oil infrastructure hub. Analysts say the U.S. military could seize the island quickly, but the move could leave U.S. troops in great peril and prolong rather than shorten the war. WHERE IS KHARG ISLAND AND WHY IS IT IMPORTANT? … Read more
(Reuters) – Efforts to reach a preliminary deal between Iran and the U.S. have intensified, three Iranian sources and a European official told Reuters on Thursday, despite strikes launched by both sides, as they discuss a mechanism over releasing frozen Iranian funds. The sources said Iran and the United States were still exchanging messages over … Read more
(Reuters) – Saudi Arabia and neighbouring Gulf producers will cheer the eventual reopening of the Strait of Hormuz, but the ensuing flood of oil risks eroding OPEC’s already fragile grip on the market. The Iran war and the closure of the vital waterway – through which nearly a fifth of the world’s oil and gas … Read more
Summary Cuts 2026 oil demand growth forecast by further 200,000 bpd amid Iran war impact OPEC+ output drops by 190,000 bpd in May, led by Iran facing US blockade Raises 2027 demand growth prediction (Reuters) – OPEC on Thursday lowered its forecast for world oil demand growth in 2026 to 970,000 barrels per day, the … Read more
Liquefied natural gas demand in Asia is quietly recovering from the shock of losing almost 20% of global supply to the Iran conflict as top buyer China shows signs of returning to the market. The biggest-importing region is on track for arrivals of 21.83 million metric tons in June, the most for five months and … Read more
Summary Iran closes Strait of Hormuz, threatens to fire on vessels attempting passage Talks intensifying to reach deal, Iranian sources say U.S. launches additional strikes on Iran, escalating tensions after fragile ceasefire U.S. crude inventories fall sharply, EIA reports 7.2 million barrel crude draw (Reuters) – Oil prices fell on Thursday, following earlier gains triggered … Read more
Summary US oil exports surge as Saudi, Russian exports disrupted by conflict and sanctions EU officials warn of risks in growing dependence on US energy supplies US oil boom driven by private firms, contrasting with state-led output in rivals HOUSTON, June 11 (Reuters) – The United States has become the world’s largest oil exporter, … Read more
Canada’s Trans Mountain pipeline is running at full capacity for the first time since the completion of a major expansion two years ago, but an executive said Wednesday that ongoing global turmoil makes predicting future capacity rates difficult. * The 890,000-barrel-per-day pipeline, which carries oil from the province of Alberta to British Columbia’s west … Read more
(Reuters) – U.S. President Donald Trump said on Thursday he would like to take over Iran’s oil infrastructure hub Kharg Island but he was not sure Americans have the appetite for a major escalation in the war. “We are talking to them and all, but you know, look, my preference has always been – take … Read more
(Reuters) – The U.S.is seeking to loan energy companies up to 40 million barrels of crude oil from the Strategic Petroleum Reserve to help push fuel prices down, the Department of Energy said on Wednesday. The latest U.S. offer to loan the oil is part of a previous U.S. agreement to release 172 million barrels … Read more
(Reuters) – The cost of shipping a container of goods from Asia to the United States has doubled since the start of the Iran war, driven by spiking fuel prices and an uptick in demand from importers who are worried costs will only rise further as the conflict wears on. “If you want to know … Read more
(Reuters) – U.S. Energy Secretary Chris Wright told a congressional hearing on Wednesday that he’s not aware that the U.S. has taken millions of barrels of oil out of Iran, after President Donald Trump told reporters it had. Wright said earlier in the hearing, however, that the U.S. military had helped get some oil out … Read more
CALGARY – The CEO of the under-construction Woodfibre LNG project in British Columbia says Ottawa’s push to market Canada as a reliable energy supplier is starting to come to fruition. Luke Schauerte made his remarks in an interview on the sidelines of the Global Energy Show in Calgary, and shortly after another B.C. LNG project … Read more
Even with flows gradually improving, EIR modeling shows OECD inventories bottoming at multi-decade lows and a lasting geopolitical premium in Brent CALGARY, Alberta (June 10, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has published its latest report, Strait of Hormuz | What Comes Next for Oil Markets? In … Read more
U.S. President Donald Trump on Wednesday said Tehran has taken too long to negotiate a deal and would now “have to pay the price” after Iran and the United States exchanged strikes in the region amid reported efforts to continue talks. “Iran is all talk and no action,” Trump wrote in a social media … Read more
(Reuters) – U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, driven by AI-hungry data centers and electrification, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) … Read more
In today’s energy and infrastructure environment, pressure is no longer the exception, it’s the baseline. Across North America, a new wave of investment is accelerating project timelines. Industry estimates suggest more than $1 trillion in new pipeline infrastructure will be required in the coming decades, driven by rising energy demand, LNG exports, and electrification. At … Read more
Summary US launches new strikes on Iran after helicopter downed Tehran threatens to resume hostilities if Israel attacks Hezbollah US crude inventories fall for eighth week, raising supply concerns LONDON, June 10 (Reuters) – Oil prices were steady on Wednesday, as renewed U.S.-Iran hostilities muddied direction and investors weighed lower Chinese demand with global inventory … Read more
(Reuters) – Devon Energy (DVN.N) on Tuesday said it expects production to average 1.38 million barrels of oil equivalent per day in 2026, including oil output of 500,000 barrels per day, following the completion of its merger with Coterra Energy. The U.S. oil and gas producer forecast full-year 2026 capital spending of about $4.9 billion, … Read more
(Reuters) – Oil stockpiles in the world’s largest economies are headed toward the lowest levels since at least 2003 as inventories are drawn down at a record pace due to the lost output from the Iran war, the U.S. Energy Information Administration said on Tuesday. Total oil inventories in the members of the Organization … Read more
New reports show the Permian Basin supports more than 940,000 U.S. jobs, generates billions in state revenue, and continues driving American energy leadership. MIDLAND, Texas, June 9, 2026 /PRNewswire/ — The Permian Strategic Partnership (the PSP), a coalition of 25 leading Permian Basin energy companies and two university systems, today released its 2025 Annual … Read more
(Reuters) – Abu Dhabi National Oil Company is exploring opportunities in Canada’s upstream and liquefied natural gas sectors through its international arm XRG, a senior company executive said on Tuesday at the Global Energy Show in Calgary. Musabbeh Al Kaabi, ADNOC’s CEO of upstream, did not provide details on what specific investments the company may … Read more
(Reuters) – U.S. natural gas supply and demand will both rise to record highs in 2026, the U.S. Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. EIA projected dry gas production will rise from a record 107.7 billion cubic feet per day (bcfd) in 2025 to 111.0 bcfd in 2026 and 113.6 … Read more
NEW YORK, June 9 (Reuters) – Oil stockpiles in the world’s largest economies were headed toward the lowest levels since at least 2003 as top consuming nations tapped inventories at a record pace to plug the loss of over 11 million barrels a day of Middle Eastern output due to the Iran war, the U.S. … Read more
(Reuters) – U.S. Energy Secretary Chris Wright said on Tuesday that ship traffic through the Strait of Hormuz is rising “very meaningfully” as the conflict with Iran continues. “I would say rising very meaningfully,” Wright said when asked how ship traffic is flowing through the Strait compared to a week or two ago. Wright made … Read more
(Reuters) – Electricity supplies in New York have shrunk over the last five years, leaving one of the most populous U.S. states at risk of falling short of the energy needed to power homes and businesses on the hottest and coldest days of the year, the state grid operator said on Tuesday. The retirement of … Read more
( Reuters) – Global offshore wind capacity is set to quadruple over the next decade to reach 420 gigawatts (GW) by the end of 2035, a report by the Global Wind Energy Council (GWEC) showed on Tuesday. Around 92 GW of offshore wind was installed by the end of 2025, enough to power around 100 … Read more
(Reuters) – Crude oil prices pushed up by the Iran war helped propel Canada’s goods trade surplus in April up by 55% to a 15-month high of C$2.72 billion ($1.95 billion), Statistics Canada said on Tuesday. Analysts polled by Reuters had forecast a surplus of C$2.57 billion. Statscan revised March’s surplus down to … Read more
By David Shepardson WASHINGTON, June 8 (Reuters) – Fuel costs for U.S. airlines jumped 78% in April to nearly $6.5 billion compared with the year before, as the Middle East conflict drives up jet fuel prices, the U.S. Transportation Department said Monday. Airlines’ fuel costs were up 26% over March and carriers used 2.6% less … Read more
Oil prices fell on Tuesday, erasing most of the previous session’s gains, after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump, though both sides warned they could resume hostilities. Brent crude futures were down 91 cents, or 1%, at $93.34 a barrel at 0400 … Read more
By Kate Abnett and Joanna Plucinska EU eyes expanding carbon costs to outbound international flights Airlines oppose this, back U.N. carbon offset scheme instead EU sceptical offsets will drive emissions reductions Aviation’s climate impact set to increase without further action BRUSSELS/BERLIN, June 8 (Reuters) – Europe’s biggest airlines have urged the European Union not to … Read more
By Javier Blas When the day comes, the reopening of the Strait of Hormuz will be an extraordinary event: restarting about 10,000 oil wells, pumping roughly 15% of the world’s production, that had been shut down for a hundred days and counting. Nothing even remotely close has been attempted — ever. The oil industry doesn’t … Read more
The Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit fee, Iran’s ambassador to Moscow was quoted as saying on Monday. The U.S.-Israeli war on Iran has largely cut oil flows via the strait, which before the conflict saw one-fifth of the world’s … Read more
The biggest oil supply shock in decades has entered its fourth month – with no resolution in sight as neither the U.S. nor Iran appears willing to budge – yet the market remains surprisingly calm. This disconnect reflects an uncomfortable reality: the biggest drivers of today’s energy market are a host of unknowns. The … Read more
Summary HAPCO start-up pushed from mid-year to September or October, sources say PetroChina Dalian unit resumption postponed indefinitely China’s refining margins turn negative on high crude costs and fuel price caps India’s capacity expansion on track SINGAPORE, June 8 (Reuters) – Chinese refiners have delayed two projects slated to come online this year following disruptions … Read more
(Reuters) – Norwegian oil companies have agreed to a wage deal with three labour unions, preventing any strike action that would have disrupted output, negotiators for both sides said on Friday. Labour unions had said nearly 8% of Norwegian offshore oil and gas workers planned to strike if wage mediation failed, and the industry estimated that this … Read more
Summary Israel strikes on Iran follow strikes on Beirut on Sunday Iran on Sunday retaliated with missile attacks on Israel Iran plans to collect Hormuz transit fees, ambassador quoted as saying Analysts say impact of OPEC+ output hike agreement is limited LONDON, June 8 (Reuters) – Oil prices rose more than 3% on Monday, as … Read more
By Paula Sambo, Liana Baker, and Mathieu Dion A surge in electricity demand from artificial intelligence and data centers is reshaping North America’s power markets, creating a “renaissance” for natural gas after decades of limited new development, according to KKR & Co. partner Brandon Freiman. The power sector has moved from years of flat … Read more
‘Two months ago, if you said oil is going to be the low 80s, you’d pop the champagne,’ said Ensign Energy Services Inc. president Bob Geddes By This Article and More by Steven Wilhelm Here Original: financialpost.com/business/energy/canada-oil-gas-drillers-making-money-busiest-may-since-2014/wcm/6acce87b-0c18-4fbe-af44-ddf94508e35f High oil prices are propelling a new rush for black gold across Western Canada, with drillers getting … Read more
(Reuters) – Companies that borrowed oil from the U.S. Strategic Petroleum Reserve in recent months will add an extra 40 million barrels of crude in the form of premiums after the conflict in Iran is over, U.S. Energy Secretary Chris Wright said on Friday in an interview on Fox Business. Fuel prices have spiked since … Read more
Iran’s Deputy Foreign Minister Kazem Gharibabadi said on Sunday that regional governments were “not in a position to demand reparations”, responding to reports the U.S. could use Iranian assets to compensate regional allies for war-related damages. Gharibabadi added in a post on X that Iran’s assets were “neither war spoils for Washington nor a payment … Read more
Rosneft Chief Executive Igor Sechin said on Saturday that U.S. energy companies were the main beneficiaries of the closure of the Strait of Hormuz and that Washington was trying to change the fundamental contours of the global energy markets to suit U.S. interests. Iran blockaded the Strait, the main route for about a fifth … Read more
Goldman Sachs said in a note on Friday that global oil demand has declined more than expected, posing two-sided risks to its fourth-quarter 2026 Brent crude price forecast of $90 a barrel and WTI forecast of $83 per barrel. The bank estimated 4 million to 5 million barrels per day (mb/d) of global oil … Read more
Summary Hezbollah leader rejects Lebanon ceasefire deal Iranian oil exports fall to lowest level in six years, data shows OPEC secretary general says oil demand to remain robust, no change to estimates HOUSTON, June 5 (Reuters) – Oil prices fell on Friday as traders gained confidence that renewed conflict between the U.S. and Iran … Read more
By Nichola Groom Trump’s Alaska drilling rights auction attracted only two bidders Winning bids totaled $3.7 million Only five tracts auctioned out of 58 offered June 5 (Reuters) – The Trump administration’s Friday auction of oil and gas leases in Alaska’s Arctic National Wildlife Refuge attracted only $3.7 million in winning bids for five tracts … Read more
(Reuters) – Here are the main issues between the United States and Iran as they seek a deal to end their war, which is now in its fourth month: HORMUZ AND GULF BLOCKADE Iran’s closure of the Strait of Hormuz, normally the conduit for around a fifth of global oil and liquefied natural gas shipments, … Read more
By Scott Disavino NEW YORK, June 5 (Reuters) – U.S. energy firms this week added rigs for a seventh week in a row for the first time since May 2022, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and natural gas rig count, an early indicator of … Read more
(Reuters) – Global oil inventories are running dangerously low as a deal to re-open tanker traffic through the Strait of Hormuz has proven elusive, and industry executives and analysts warn there could be another oil price shock in the coming weeks, severe enough to upset broader financial markets. Some fear the next move higher for … Read more
(Reuters) – President Vladimir Putin said on Thursday that Russia was ready to resume gas supplies to Germany via the Nord Stream pipeline that was heavily damaged by undersea explosions in 2022, and the onus was on Berlin to make up its mind. Putin told journalists in St. Petersburg that one of the two … Read more
Summary U.S. will auction 689,000 acres of oil and gas leases in Alaska’s Arctic National Wildlife Refuge Industry interest uncertain after previous ANWR lease sales attracted few or no bids Supporters cite jobs and energy security, while critics warn of environmental damage and risks to Indigenous communities’ way of life June 5 (Reuters) – … Read more
Summary Trump to use Defense Production Act to steer money to coal projects Funds would upgrade coal plants, support new facilities and export infrastructure Environmental groups criticize plan; industry says coal supports AI-driven power demand and energy security (Reuters) – President Donald Trump said on Thursday he is directing hundreds of millions of dollars … Read more
By Robert Harvey LONDON, June 3 (Reuters) – Many airlines have been hit hard by price swings in the jet fuel market, and some are not in a position to hedge their exposure, the International Air Transport Association’s head of fuel said on Wednesday. Some airlines with more elaborate hedging strategies get a bit of … Read more
Summary Cushing inventories near operational minimum, risking supply disruptions and crude quality issues US crude exports hit record highs as global supply disrupted by Iran war Phillips 66 internal estimates show Cushing could hit operational minimum as soon as June end NEW YORK/HOUSTON, June 5 (Reuters) – At the prairie town that calls itself … Read more
(Reuters) – Electricity demand in Texas grew 9% in recent months, nearly five times the U.S. average, driven by the expansion of data centers and cryptominers in the Lone Star State, according to data released by Hitachi Energy on Thursday. The Texas power grid saw the largest jump in both power demand and the addition … Read more
(Reuters) – Iranian exports of crude oil and condensate fell to their lowest level in at least six years in May, falling well below 300,000 barrels per day, mainly due to the U.S. naval blockade, according to shipping data and analysts. The U.S. began enforcing the blockade on April 13, choking Iranian exports as the … Read more
ST PETERSBURG, June 4 (Reuters) – OPEC expects robust oil demand growth and is not changing its estimates, Secretary General Haitham Al Ghais said on Thursday at the St Petersburg International Economic Forum, despite the Middle East conflict and closure of the Strait of Hormuz. “Despite all the commentary out there that oil demand is … Read more
(Reuters) – The trickle of tankers exiting the Strait of Hormuz has gathered pace in recent weeks, as traders adopt stealth measures to make the crossing. While this is freeing some of the vast oil inventories trapped in the Gulf, it does not signal a slow return to normalcy. Instead, it previews the opaque, fragmented … Read more
By Curtis Williams Delfin FLNG 1 to be first US floating LNG facility, largest globally Project had been delayed by pipeline explosion near Holly Beach and Johnson Bayou in Louisiana Delfin aims to secure FIDs for additional FLNG vessels within the next year June 3 (Reuters) – Delfin Midstream said on Wednesday it has taken … Read more
By Jennifer A Dlouhy President Donald Trump is preparing to use Cold War-era authorities to dole hundreds of millions of federal dollars to support coal-fired electricity as well as US exports of the fossil fuel. Trump is expected to announce he’s delivering the funding for US coal plants and an American export terminal under the … Read more
By Julian Lee and Alex Longley No region of the world produces more oil and gas than the countries straddling the Persian Gulf. Most of this energy can only be exported aboard tankers that cross the Strait of Hormuz — a waterway that’s effectively been blocked for more than three months. Iran has throttled traffic … Read more
By Bruno Venditti | Graphics/Design: Sam Parker Key Takeaways China accounts for one-third of global electricity demand, a dramatic rise from under 10% in the early 2000s North American countries lead in per capita electricity use among the top consumers due to large homes, climate, and energy-intensive lifestyles Electricity demand reflects both economic activity and living standards. … Read more
Summary Israel-Lebanon ceasefire lifts hopes of wider regional deal Trump signals possible progress as soon as weekend US crude stocks fall sharply, tightening supply outlook (Reuters) – Oil prices fell on Thursday after a ceasefire deal between Israel and Lebanon boosted hopes for a broader agreement to end the U.S.-Israeli war with Iran that could lead to … Read more
LONDON, June 3 (Reuters) – Liquefied natural gas (LNG) prices could rise further in significant volatility than experienced so far during the Iran war if supply disruptions coalesce with hot weather in Asia and European storage refill needs, Uniper’s chief executive for the Middle East, John Roper, said on Wednesday. The current supply disruptions have … Read more
(Reuters) – Middle East oil refineries could recover to more normal production levels in 40-60 days from the end of the current oil supply crisis linked to the effective closure of the Strait of Hormuz, Vitol Bahrain’s regional head of research Bader Nooruddin said on Wednesday. That timeline would take production up to around 90-95% … Read more
By Laila Kearney NEW YORK, June 3 (Reuters) – A record number of mostly gas-fired power plants are expected to connect to the U.S. Midwest grid over the next five years as the area’s electricity demand surges, according to survey results released by the regional grid operator and its member states on Wednesday. Data centers … Read more
(Reuters) – U.S. President Donald Trump said Iran has agreed not to have a nuclear weapon and that he would probably meet with Supreme Leader Mojtaba Khameneiat some point if things “work out”. “They’ve already agreed they’re not going to have a nuclear weapon,” Trump told “Pod Force One” in an interview broadcast on Wednesday, … Read more
(Reuters) – There will be a spike in oil demand to replenish storage levels after the current global oil supply crisis in overcome, ADNOC senior vice president of business transformation Fatema Bin Saleem Al Teneiji said on Tuesday. Oil demand will then start to pick up as oil prices normalise, she said at the S&P … Read more
(Reuters) – Kuwait could restore nearly 70% of its oil production within six to eight weeks after the Strait of Hormuz reopens, Kuwait Petroleum Company’s managing director for international marketing, Shaikh Khaled Ahmad Al-Sabah, said on Wednesday. The remaining 30% would take about another month, he told the S&P Global Energy Middle East Petroleum and … Read more
(Reuters) – The current oil supply crisis shows there is underinvestment in oil refining as demand holds resilient, Saudi state-owned Aramco’s vice president of market analysis and sustainability, Musaab Al Mulla, said on Tuesday. Around 3 million barrels per day of refining capacity closed between 2020 and 2023, Al Mulla said at the S&P Global … Read more
Process safety in oil and gas has long relied on people walking into the very environments everyone is trying to protect them from. Even with strong procedures, gas detection and permitting, inspection programs still depend on operators and technicians entering hazardous areas, climbing structures, and performing confined space entries to get the data they need. Heavy industrial … Read more
By Will Wade and Brody Ford Mounting local opposition to data center construction presents an opening for Bloom Energy Corp., according to its chief executive officer, who pitches its fuel cells as cleaner and quieter than conventional power-generating systems. “Rationally, our deployment should not be a community issue,” Chief Executive Officer KR Sridhar said in … Read more
(Reuters) – Chevron has applied to join Argentina’s incentive regime for large investments for a $13.8 billion unconventional oil project in the El Trapial area of Vaca Muerta, the U.S. oil major said on Tuesday, in what would rank among the biggest new bets on the country’s shale patch. The filing, which still requires government … Read more
By Julian Hast US natural gas futures ended lower as domestic gas flows to liquefied natural gas export terminals along the US Gulf Coast dropped for a third consecutive day. The reduction is concentrated at Sabine Pass LNG in Louisiana and Corpus Christi LNG in Texas. Lower gas flows to terminals leaves more supplies in … Read more
By Fabiola Zerpa Energy companies heading to Venezuela are being told to bring their own power plants to run their oil and natural gas operations and shield them from frequent blackouts on the nation’s ill-maintained electricity grid. New regulations drafted for Venezuela’s oil law demand that companies be self-sufficient in power generation in oil and … Read more
Summary IEA warns of possibility of critically low stockpiles in summer Vitol exec said market underpricing risks from war U.S. stockpile data due at 1430 GMT (Reuters) – Oil prices rose more than 2% on Wednesday, extending gains from the previous session, as hostilities in the Middle East erupted anew and talks between Tehran and Washington … Read more
June 2 (Reuters) – Seven U.S. states led by New York sued the Trump administration on Tuesday for cancelling a major offshore wind lease off the coast of New York in exchange for a pledge by its owner to invest instead in fossil fuel projects. The lawsuit in the Washington, D.C., federal court challenges a … Read more
(Reuters) – U.S. liquefied natural gas exports fell to 10.2 million metric tons (MT) in May, the lowest level this year excluding February’s shorter month, as seasonal maintenance curbed output, preliminary data from financial firm LSEG showed. The decline was driven by planned outages across several export plants, as operators carried out spring maintenance after … Read more
QatarEnergy and Adnoc are using methods typically employed by Russia to get their gas across the Strait of Hormuz. By Stephen Stapczynski Major liquefied natural gas exporters in the Persian Gulf are preparing for a potential future where disruptions in the Strait of Hormuz persist for longer. In a bid to move their LNG through … Read more
BAKU, June 2 (Reuters) – A U.S. delegation and Azerbaijan signed commercial agreements worth more than $8 billion, and Washington plans to invest in the country’s energy sector, U.S. Assistant Secretary of State Caleb Orr said on Tuesday. Orr, on a visit to Baku, said the United States was seeking a larger role in Azerbaijan’s … Read more
By Laila Kearney NEW YORK, June 2 (Reuters) – U.S. energy regulators granted a waiver to speed up the connection of the Three Mile Island nuclear power plant in Pennsylvania, which is being restarted to serve Microsoft (MSFT.O) data centers in the region, a filing showed this week. The Federal Energy Regulatory Commission on Monday … Read more
(Reuters) – The oil market is underpricing some risks from the Iran war, global commodity trading house Vitol’s managing director for Bahrain, Tom Baker, said on Tuesday. Iran’s effective closure of the Strait of Hormuz and attacks on energy infrastructure including oilfields and refineries, have taken about 14 million barrels of Middle East supply offline, … Read more
EIR identifies five quarterly signals—from EUV tool orders to packaging utilization—that best indicate whether AI chip supply can scale through 2030 CALGARY, Alberta (June 2, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has released a report that frames AI compute growth as a manufacturing-throughput question and recommends … Read more
CALGARY, AB – GLJ Ltd. (“GLJ”), global energy consultants, today announced the completion of its acquisition of Petrel Robertson Consulting Ltd. (“PRCL”), a respected Canadian geoscience and engineering consulting firm. As a result of the acquisition, GLJ will strengthen its position as a leading provider of geoscience, engineering, and energy consulting services by combining PRCL’s … Read more
Summary Hormuz transit to remain below pre-war levels as long as peace uncertain, Khoury says Airlines that hedged jet fuel prices still cannot fly due to lack of physical supply, he says Chinese demand not what it should be; “teapot” refineries showing appetite, ADNOC exec adds (Reuters) – August could mark a tipping point for … Read more
(Reuters) – Global oil inventories could hit critical levels ahead of the peak summer demand period if stock draws continue at their current pace, the head of the International Energy Agency’s oil industry and markets division said on Tuesday. “We’re seeing stock draws continuing into the summer, and with the possibility or the likelihood that … Read more
CALGARY, Atla, June 01, 2026 — What started with a single liquid nitrogen tank in the field has transformed routine oil and gas operations. Kathairos’ nitrogen systems have now directly eliminated one million metric tons of CO2 equivalent— and counting. Kathairos Solutions has crossed a major climate milestone: one million metric tons of CO₂e eliminated. … Read more
By Janet Lorin People walk on the Princeton University campus in Princeton, New Jersey. Photographer: Craig Warga/Bloomberg Princeton University’s endowment is backtracking on its pledge to divest from publicly traded oil and gas companies, four years after it said it would exit such holdings as way to move toward a net-zero portfolio. A trustee-mandated decision … Read more
Summary US launches new strikes on Iran after helicopter downed Tehran threatens to resume hostilities if Israel attacks Hezbollah US crude inventories fall for eighth week, raising supply concerns LONDON, June 10 (Reuters) – Oil prices were steady on Wednesday, as renewed U.S.-Iran hostilities muddied direction and investors weighed lower Chinese demand with global inventory … Read more
By Tammy Nemeth & David Blackmon Across rural Virginia, suburban Utah, and farm communities in the Midwest, residents are showing up at planning meetings to voice real worries about massive new data centers: noise, water use, electricity demand, and the conversion of farmland into industrial zones matter. Yet what appears as spontaneous local pushback … Read more
Summary Brent, WTI slip after previous session’s sharp rally Trump says talks with Iran continue Uncertainty over US-Iran talks keeps markets on edge LONDON, June 2 (Reuters) – Oil prices fell more than 1% on Tuesday, paring the previous session’s sharp gains, after U.S. President Donald Trump said talks with Iran were ongoing. Trump’s comments came despite a report that Tehran … Read more
(Reuters) – U.S. crude exports climbed to a record 5.6 million barrels per day in May as the Middle East crisis pushed up demand for the country’s oil from Asian and European refiners, ship tracking estimates showed on Monday. The U.S. and Israel’s war with Iran triggered the largest-ever disruption to the global energy … Read more
By Barbara J. Powell US oil refiners are running their plants harder than usual, with some even putting off maintenance, as strong profits and steady demand for fuels tempt the processors to run plants near maximum capacity. The industry has had one of its lightest maintenance seasons in years. From January through May, refiners shut … Read more
By Grant Smith Oil industry experts have told OPEC+ that supply disruption caused by the closure of the Strait of Hormuz will persist to the end of the year, even if the waterway reopens promptly. Consultants and analysts gathered at OPEC’s Vienna headquarters for a technical meeting on Monday warned that it will take many … Read more
(Reuters) – Venezuela’s oil exports rose slightly to 1.25 million barrels per day in May, its third consecutive month of increase, fueled by more cargoes to the United States, India and Europe, shipping data showed on Monday. Under the U.S.-supported government of interim President Delcy Rodriguez, Venezuelan crude production and exports have bounced this year … Read more
(Reuters) – Iran’s Tasnim news agency said on Monday that Tehran’s negotiating team is stopping exchanges of messages with the United States through mediators due to attacks on Lebanon, as diplomatic efforts to end the three-month-old Iran war continue. The agency said Iran and the Resistance Front, which includes its Shiite allies in Yemen, Lebanon … Read more
(Reuters) – Oilfield services provider Weatherford International said on Monday it has agreed to acquire energy technology firm NCS Multistage Holdings in a cash-and-stock deal. On a blended basis, Weatherford will pay the equivalent of 0.463 of its shares for each NCS share, with roughly 20% of the consideration in cash. Based on Reuters calculations, … Read more
By Ahmad Ghaddar and Alex Lawler Seven members likely to raise target by 188,000 bpd on Sunday, sources say Most cannot meet targets due to Hormuz closure Group-wide OPEC+ policy expected to remain unchanged OPEC delegates hold technical talks in Vienna this week VIENNA, June 1 (Reuters) – OPEC+ oil-producing countries will likely agree a … Read more
The U.S. said it struck Iranian military sites at the weekend and Iran’s Revolutionary Guards said on Monday it had targeted a U.S. base in response, the latest exchange of attacks amid negotiations to end the three-month-old war. The U.S. and Iran have sporadically exchanged strikes since their ceasefire took effect in early April as … Read more
Goldman Sachs said late Sunday that weak oil demand in China and Europe poses a major downside risk to its fourth-quarter Brent crude forecast of $90 a barrel and WTI forecast of $83, although Middle East supply disruptions could still push prices higher. Here are a few details: * April retail sales data from … Read more
Bloomberg News Wildfires have erupted in Canada’s oilsands-producing region of Alberta with large blazes within 20 kilometres of about half a million barrels a day of crude production. A total of six out-of-control fires are burning in the Lac la Biche region, where many of the largest in-situ oilsands well sites are located, with the biggest … Read more
HOUSTON, June 01, 2026 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) and NCS Multistage Holdings, Inc. (NASDAQ: NCSM) (“NCS Multistage”) today announced that Weatherford has entered into a definitive agreement to acquire NCS Multistage. Under the terms of the agreement, NCS Multistage stockholders have an election to receive either Weatherford … Read more
(Reuters) – Nearly 8% of Norwegian offshore oil and gas workers plan to strike from June 5 if state-brokered wage mediation fails, labour union data showed on Monday. It was too early to say how a potential strike could impact production from oil and gas fields, a spokesperson for Offshore Norway, which … Read more
Summary Israel orders troops to advance further into Lebanon US proposes gradual de-escalation plan for Israel and Lebanon Goldman Sachs flags weak oil demand in China and Europe Brent crude oil prices lost around a fifth in May (Reuters) – Oil prices rose more than 3% on Monday after Iran and the U.S. traded strikes and Israel … Read more
(Reuters) – U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move quickly to boost crude output and replace rapidly depleted oil inventories after exports and refinery processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war on Iran. Producers in the United States have … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a sixth straight week, for the first time since May 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by four to 562 … Read more
By David French and Shariq Khan Stone Ridge offers around $8 billion for Devon’s Marcellus shale position, sources say The Stone Ridge offer would be supported by largest ever ABS financing in US oil and gas, sources say Devon reviewing its business post-Coterra merger, prioritizing shareholder value and capital allocation Unclear whether Stone Ridge offer … Read more
By Erwin Seba Brent and WTI register steepest weekly losses since April US-Iran ceasefire deal not finalised US crude, gasoline and distillate stockpiles fell last week -EIA HOUSTON, May 29 (Reuters) – Oil futures fell more than 2% on Friday, closing out their steepest weekly decline since early April as traders awaited word that the … Read more
May 29 (Reuters) – The heads of the International Energy Agency, International Monetary Fund, World Bank and World Trade Organization warned on Friday that the war in the Middle East was straining global energy supplies and hitting vulnerable economies hardest. The U.S.-Israel war on Iran has disrupted trade, rattled financial markets and raised concerns over … Read more
(Reuters) – Canada’s South Bow will decide whether to proceed with its proposed partial revival of the Keystone XL oil pipeline by mid-2027, the company said on Friday, as it announced it has secured the shipper commitments it was seeking to advance the project. The proposed 550,000-barrel-per-day Alberta-to-Wyoming pipeline, dubbed Prairie Connector, could increase Canada’s … Read more
(Reuters) – A political understanding has been reached between Iran and the United States over the Iran war, but it has not yet been finalised, a senior Iranian source told Reuters on Friday. The source said U.S. Donald Trump’s claim that uranium would be unearthed by the U.S. was not true, adding that the possible … Read more
(Reuters) – U.S. oil and gas major Chevron will not consider paying a toll to move ships through the Strait of Hormuz, CEO Mike Wirth told Bloomberg TV on Friday. Wirth also said several vessels that transit through the Strait of Hormuz have been attacked in recent days. Perhaps not every day, but there have … Read more
(Reuters) – U.S. crude production was largely steady in March at 13.7 million barrels per day, according to the Energy Information Administration on Friday. Crude production in Texas fell to 5.78 million bpd, marking a four-month low, while output in neighboring New Mexico was steady on the month at 2.31 million bpd. Texas and New … Read more
By Heidi Taksdal Skjeseth Norway is putting pressure on the European Union to remove a moratorium on new oil and gas drilling in the Arctic where almost two thirds of its petroleum resources lie. Norwegian politicians, civil servants, and environmental and industry lobbyists are increasingly visiting Brussels to influence EU institutions as the bloc gears … Read more
By Kevin Crowley, Annmarie Hordern, and Jonathan Ferro Several vessels transiting through the Strait of Hormuz have been attacked in recent days, underscoring the “very real” risks that remain for shipowners in the Persian Gulf whether or not a peace accord is signed, Chevron Corp. Chief Executive Officer Mike Wirth said. “There still has been … Read more
NEW YORK, May 28 (Reuters) – A U.S. District Court on Thursday denied the California Department of Parks and Recreation’s bid to stop oil producer Sable Offshore Corp (SOC.N) from moving oil on a long-disputed pipeline linked to the Santa Ynez offshore platform. The denial marks a setback for California’s efforts to stop the Santa … Read more
Federal Reserve Bank of Kansas City President Jeffrey Schmid said on Friday that already-hot levels of inflation make it harder to assume the current energy shock will have only a temporary impact on pricing and can be ignored by the central bank. “My primary concern is inflation, which is too hot and has been … Read more
The United States and Iran have reached an agreement to extend a ceasefire, allow shipping through the Strait of Hormuz and lift a U.S. blockade and some sanctions on Iran, sources told Reuters, but the deal has not been finalised. An agreement would represent a big step towards ending a war that has … Read more
Summary Brent projected to average $90.44 per barrel in 2026 WTI projected to average $84.63 per barrel in 2026 (Reuters) – Analysts have increased their 2026 oil price forecasts for the third time since the Iran war began at the end of February, as they cite a months-long timeline for energy flows to normalise to … Read more
Summary Brent and WTI register steepest weekly losses since April U.S.-Iran ceasefire deal not finalised U.S. crude, gasoline and distillate stockpiles fell last week, EIA reports (Reuters) – Oil futures fell nearly 2% on Friday and were on track for their steepest weekly decline since early April after reports that the U.S. and Iran had reached agreement … Read more
Japanese trading house Mitsui is looking to invest in LNG projects across the Middle East, the U.S. and Australia to meet rising power demand from data centers, Bloomberg News reported on Thursday, citing its CEO Kenichi Hori. The company will consider taking equity stakes or securing supply agreements in LNG and gas chemicals firms, Hori … Read more
The U.S. said on Thursday it has imposed new sanctions on Iran’s military oil trade, even as Washington and Tehran reached a tentative agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz. The Treasury Department said it had sanctioned eight vessels involved in transporting Iranian crude oil and petroleum … Read more
U.S. distillate fuel oil inventories fell to a 23-year low last week, the Energy Information Administration said on Thursday, as the Iran war continues to choke global fuel supplies and raise demand for U.S. crude and petroleum products. The country’s distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels in the … Read more
U.S. forces shot down four Iranian drones fired at a commercial ship By Jennifer A. Dlouhy and Courtney McBride The U.S. struck Iranian military targets for the second time this week and Kuwait said it responded to missile and drone threats, highlighting the fragility of the ceasefire and the challenge of forging a peace accord … Read more
BP ousted Manifold on Tuesday, citing serious concerns related to ‘governance standards, oversight and conduct’ By Mitchell Ferman and Ruth David Former BP PLC Chairman Albert Manifold said nobody raised the issue of his conduct during his time at the oil major, hitting back at what he said were lies “told about me.” BP ousted … Read more
South Bow will not proceed with a partial revival of the Keystone XL pipeline until it has proof that a U.S. presidential permit is “durable,” the pipeline operator’s CEO, Bevin Wirzba, said on Thursday at the Energy Roundtable conference in Calgary, Canada. The Alberta-to-Wyoming pipeline, proposed by South Bow and its U.S. partner Bridger … Read more
(Reuters) – U.S. crude, gasoline and distillate stockpiles fell last week, the Energy Information Administration said on Thursday, as demand jumped. Crude inventories fell by 3.3 million barrels to 441.7 million barrels in the week ended May 22, the EIA said, compared with analysts’ expectations in a Reuters poll for a 4.14 million-barrel draw. Crude … Read more
(Reuters) – French oil major TotalEnergies made the decision to buy large amounts of Middle East crude in March after its traders noticed the U.S. Navy amassing ships near the Gulf in February, its CEO told French newspaper Le Figaro in an interview published on Thursday. “Our oil traders — and it’s their job — … Read more
(Reuters) – The U.S. and Iran have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran’s nuclear program, but President Donald Trump still needs to give final approval, Axios reported on Thursday, citing two U.S. officials. Reporting by Katharine Jackson and Daphne Psaledakis
By American Petroleum Institute (API) Last week, something big happened in the U.S. oil and gas industry. In southeastern New Mexico, the federal government held the largest onshore oil and natural gas lease sale in American history. It generated more than $4 billion — more than four times the previous record. In this edition of … Read more
U.S. spot natural gas prices for Thursday at the Waha Hub in West Texas rose to their highest since early February – while remaining in negative territory – as demand for the fuel rises with the coming of summer and pipeline companies start to wrap up spring maintenance. Next-day prices at Waha have remained below … Read more
Reuters If Donald Trump is indeed backing off and allowing the Federal Reserve to do what it needs to do, then the U.S. president may have to park his administration’s long-assumed preference for a weaker dollar too. For some nervous Republicans, that may come asa relief. As his appointee Kevin Warsh was sworn in as … Read more
(Reuters) – Global investment in natural gas projects is set to rise by more than 10% this year to $330 billion, its highest level in 10 years, while upstream oil spending declines for a third straight year, the International Energy Agency said in a report. As global energy markets remain disrupted by the Iran war, … Read more
(Reuters) – A cargo of oil from the U.S. Strategic Petroleum Reserve headed to California this month for the first time ever, ship tracking service Kpler said. The unusual movement highlights the redrawing of trade flows and shipping routes as the Iran war has cut off supplies of Middle Eastern crude. California, once a top … Read more
(Reuters) – Exxon Mobil shareholders on Wednesday approved the company’s plan to redomicile in Texas, marking a win for the top U.S. oil producer after two leading proxy advisory firms advised investors to strike down the proposal. The oil producer is incorporated in New Jersey, but the company has been headquartered in Texas since 1989. … Read more
Summary US crude stockpiles fall for sixth week, API data shows Iran’s Revolutionary Guards strike US airbase after US attack in Bandar Abbas Two supertankers exit Strait, heading to India and China (Reuters) – Oil prices jumped more than 2% on Thursday after Iran’s Revolutionary Guards said they had targeted a U.S. airbase in response to an … Read more
New York, May 27 (Reuters) – U.S. crude oil inventories fell for a sixth straight week last week, according to market sources citing American Petroleum Institute data released on Wednesday, while fuel stocks also fell. Crude stocks fell by 2.8 million barrels in the week ended May 22, the sources said on condition of anonymity. … Read more
The U.S. military carried out new strikes overnight in Iran targeting a military site that officials believed posed a threat to U.S. forces and commercial maritime traffic in the Strait of Hormuz, a U.S. official told Reuters on Wednesday. The official, who spoke on condition of anonymity, said the U.S. military has also intercepted and … Read more
Canada’s proposed Ksi Lisims LNG export facility is in talks with several European utilities interested in purchasing liquefied natural gas from the West Coast of Canada, the CEO of Houston-based Western LNG, the lead proponent of the project, said in an interview on Wednesday. Davis Thames said Ksi Lisims expects to be able to announce … Read more
HOUSTON–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today provided an overview of the company’s business performance and plans at its Annual Meeting of Stockholders. The meeting highlighted the company’s strong performance and consistent strategy, with stockholders showing their support by voting in favor of the full slate of Directors and with the company’s recommendations on all matters to … Read more
(Reuters) – Tehran would restore shipping through the Strait of Hormuz to pre-war levels within a month in a framework deal with the U.S. to also include withdrawing U.S. forces from Iran’s vicinity, Iranian state television reported on Wednesday. The report said the U.S. would end a naval blockade of Iranian shipping, citing a memorandum … Read more
By Catarina Saraiva Lorie Logan Photographer: Desiree Rios/Bloomberg Federal Reserve Bank of Dallas President Lorie Logan sounded a warning signal that the world’s supply of oil and natural gas may start to dwindle if shipping through the Strait of Hormuz doesn’t return to normal soon. Logan, whose district includes the Permian Basin — the world’s … Read more
By Sheila Dang HOUSTON, May 27 (Reuters) – Chevron (CVX.N) shareholders rejected a proposal that would have required an independent board chair separate from the CEO role, according to preliminary voting results at the annual meeting on Wednesday. Chevron opposed the proposal brought by the National Legal and Policy Center, saying it should have the … Read more
May 27 (Reuters) – Intercontinental Exchange, one of the world’s biggest operators of trading platforms, reported on Wednesday record liquidity across its global natural gas and power markets, including for North American natural gas. The impact of the Iran war, which has led to the effective closure of the Strait of Hormuz, has led to … Read more
By Rajesh Kumar Singh and Shivansh Tiwary American sticks to 2026 profit outlook despite fuel-price jump Isom says premium, corporate and leisure demand remain strong Spirit exit, premium-seat growth support revenue outlook CHICAGO, May 27 (Reuters) – American Airlines (AAL.O) is sticking with its recently lowered full-year profit outlook despite a sharp jump in fuel … Read more
Iran’s state TV said Tehran had obtained a draft of an initial, unofficial framework for a memorandum of understanding with the United States on ending their conflict. Under the framework, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while the United States would withdraw military forces from … Read more
Three months since the Iran war began, persistently high oil prices have policymakers grappling with renewed inflation fears, while sliding currencies are a headache for some Asian countries. But the conflict has boosted other assets, especially oil, and the dollar’s credentials as a safe-haven. Here’s a look at some stand-out winners and losers. OIL’S … Read more
The sudden ousting of BP Chairman Albert Manifold over allegations of misconduct less than eight months after he took office plunges the British energy giant into its second leadership scandal in less than three years. These repeated leadership misfires suggest BP’s board is quickly becoming a liability. His departure is related to aggressive conduct … Read more
(Reuters) – Oil prices fell around 3% on Wednesday as traders weighed up progress in U.S.-Iran peace talks against renewed hostilities. Brent crude futures fell $2.67, or 2.68%, to $96.91 a barrel by 1139 GMT, while U.S. West Texas Intermediate (WTI) crude lost $3.43, or 3.65%, to $90.46 a barrel. The losses dented Brent’s gains … Read more
A cargo of crude oil from the U.S. Strategic Petroleum Reserve is heading to the Philippines, the first shipment of U.S. emergency reserve oil to Asia since November 2022, ship tracking data showed. Asia receives about 80% of its oil through the Strait of Hormuz, a critical chokepoint that has remained largely closed during the … Read more
By Kevin Crowley, Jennifer A Dlouhy, Fabiola Zerpa, and David Wethe Exxon Mobil Corp. and ConocoPhillips are pushing for durable contract terms and a way to resolve billions of dollars owed to them as they consider re-entering Venezuela after exiting the country two decades ago. Both companies are in active negotiations with President Delcy Rodríguez’s … Read more
By Julian Hast US natural gas futures fell just before options contracts for front-month delivery expired, erasing earlier gains that had been triggered by an increase in domestic gas supplies flowing to liquefied natural gas export terminals on the Gulf Coast. Losses were likely aided by a cool shift in weather forecasts, signaling lower demand … Read more
Shares of the company fell 9.3% By Mitchell Ferman and Ruth David BP PLC unexpectedly fired Chairman Albert Manifold just months into the job due to serious concerns about “governance standards, oversight and conduct,” prolonging a period of turmoil at the U.K. oil major. BP has had three chief executive officers in as many years, … Read more
The gas will be shipped from the Ksi Lisims project, a $10 billion floating export facility that has already received regulatory approval By Brian Platt Canada is set to announce a deal to supply Germany with liquefied natural gas from a planned export facility on the coast of British Columbia, according to people familiar with … Read more
TrueFlow Technologies is a newly incorporated company with proven & ground-breaking technology that focuses solely on the multiphase flow measurement market as it relates to the Oil & Gas industry. The DIP Multiphase Flow Meter is a unique & disruptive technology offering accurate and reliable measurement across all well flow regimes. Whether the well is … Read more
(Reuters) – WhiteHawk Minerals is targeting a valuation of up to $701.2 million in its U.S. initial public offering, as the natural gas mineral and royalty firm looks to tap investor appetite for domestic energy assets. The Philadelphia, Pennsylvania-based company is seeking up to $187 million by offering roughly 6.9 million shares priced between $25 … Read more
US energy firm Northern Oil & Gas Inc. agreed to acquire a stake in Canadian oil and gas properties, its first foray into international assets. Northern will pay Parallax Energy Operating Inc. C$350 million ($254 million) in cash and stock for a 25% interest in oil-producing properties and tens of thousands of acres in the Duvernay shale basin in … Read more
HIGHLIGHTS NOG makes strategic entry into Canada with inventory-rich light oil acquisition in the Duvernay Shale for a CA$350 million (~US$259 million) initial unadjusted purchase price Operated ‘buy-down’ acquisition of a 25% non-operated stake in light oil producing properties with significant undeveloped inventory in Alberta, Canada in the Duvernay East Shale Basin operated by Parallax … Read more
There’s no pipeline without Pathways and no Pathways without a pipeline. That was the quid pro quo spelled out in a sweeping energy accord signed between Alberta and Ottawa in November. Alberta is spearheading early planning and regulatory work on a potential new one-million-barrel-a-day pipeline to the West Coast that would provide an outlet for … Read more
(Reuters) – The U.S. and Iran are discussing a plan to open the Strait of Hormuz about 30 days after the two countries reach a deal to end hostilities, the Nikkei newspaper reported on Monday citing a Middle East diplomatic source. Iran would proceed to clear mines from the strait during a 30-day window following … Read more
Summary Brent rises, WTI falls owning to settlement price mismatch US Secretary of State says negotiating deal could ‘take a few days’ Some oil, LNG tankers have passed through strait in recent days, shipping data shows (Reuters) – Brent crude oil rose more than 2% on Tuesday after the U.S. military carried out strikes in Iran, … Read more
(Reuters) – U.S. President Donald Trump said on Monday that he asked Saudi Arabia, Qatar, Pakistan, Turkey, Egypt and Jordan to join the Abraham Accords en masse to normalize relations with Israel as he tries to negotiate an agreement to end the war with Iran. Pakistan rejected the proposal. None of the other countries has … Read more
Iran’s foreign ministry spokesperson said on Monday that conclusions have been reached on many topics discussed in a potential 14-point memorandum of understanding, but this does not mean a deal to end the Middle East war is imminent. The framework is focused on an end to the war and a U.S. naval blockade in … Read more
Summary LNG tankers Fuwairit, Al Rayyan and Al Hamra cross strait VLCC Eagle Verona heads for China with Iraqi Basrah crude (Reuters) – Ship-tracking data showed three liquefied natural gas tankers passed through the Strait of Hormuz in recent days, heading to Pakistan, China and India, as well as a supertanker with Iraqi crude for … Read more
(Reuters) – China’s gas destocking signals stronger LNG imports ahead of winter, reinforcing upside risks to European gas prices, particularly if disruptions to Hormuz energy flows persist, Goldman Sachs said in a note on Thursday. The bank said that China’s April gas demand was marginally down year-over-year at 379 billion cubic meters per year (Bcm/y) … Read more
Summary Washington cites progress in Iran conflict resolution Trump says there is no rush for Iran deal, US blockade stays Two LNG, one crude tanker cross Strait in recent days, shipping data show (Reuters) – Oil prices fell more than 4% to two-week lows on Monday as optimism grew that the United States and Iran … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for the fifth week in a row for the first time since February 2025, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by seven … Read more
(Reuters) – U.S. oil operators in North Dakota are moving cautiously on ramping up drilling despite a sharp rise in oil prices driven by the Iran war, as companies wait to see if higher prices will last long enough to justify new investment, the state’s regulator said on Friday. While elevated prices have improved near-term … Read more
(Reuters) – U.S. shale producer Devon Energy’s $2.6 billion purchase of new acreage in the Delaware Basin will extend its drilling runway and reinforce its position as the region’s top producer, analysts said on Friday. Devon bought 16,300 net undeveloped acres in a federal lease sale this week in the Delaware part of the broader … Read more
By Patrick Sykes The US and Iran have been locked in a stalemate since agreeing to a ceasefire in April. They’ve been unable to reach a deal to end a monthslong war that has killed thousands of people and sparked a global energy crunch. Tensions remain high as Iran maintains a tight grip on shipping … Read more
By Georgina Mccartney, Arathy Somasekhar and Ashitha Shivaprasad May 22 (Reuters) – An oil pipeline operated by Plains All American (PAA.O) ruptured in East Los Angeles, California, the company said on Friday, adding that the impacted section of the pipeline was shut down. The line was struck by a third party conducting excavation work, the … Read more
May 22 (Reuters) – Ukrainian forces have attacked a Russian oil refinery in Yaroslavl, some 700 km (435 miles) from the Ukrainian border, President Volodymyr Zelenskiy said on Friday, the latest in a series of strikes by Kyiv on oil facilities in Russia. “In particular, overnight, the Defense Forces of Ukraine operated against targets associated … Read more
By Erwin Seba Rubio says more work needed in Iran talks despite some progress Iran, US maintain opposed on Tehran’s uranium, Strait of Hormuz OPEC+ expected to increase July oil output, sources say WTI, Brent headed for weekly losses HOUSTON, May 22 (Reuters) – Oil prices climbed on Friday, as investors worried that the U.S. … Read more
(Reuters) – As prices for physical crude oil hit all-time highs of over $160 per barrel last month, analysts and traders alike rushed to predict a market Armageddon if the U.S.-Iran war dragged on and the Strait of Hormuz stayed closed. Five weeks later, with the strait still largely shut and peace talks at an … Read more
Barclays is maintaining its 2026 average Brent crude oil price forecast at $100 a barrel though risks are skewing higher, the bank said in a note on Friday.In trading on Friday, Brent futures were at about $105 a barrel as investors doubted the prospects of a breakthrough in U.S.-Iran peace talks, while the key Strait … Read more
(Reuters) – EU antitrust regulators will decide by June 26 whether to clear oilfield services firm Baker Hughes’ $13.6 billion acquisition of Chart Industries, according to a European Commission filing. Baker Hughes announced the deal in July last year to boost its presence in industrial technology servicing liquefied natural gas and data centres and also leverage its industrial … Read more
The oil industry has shown remarkable resilience in the face of the largest energy supply shock in modern history, pulling multiple levers to cushion the blow of the Iran war. But barring a breakthrough in peace talks, the global market may be only months away from a breaking point. The world’s biggest and most liquid … Read more
On a weekly basis, Brent was 5.48% lower and WTI was down by 8.37%, with prices volatile as expectations for a peace deal between Iran and the U.S. shifted. “We have so many headlines back and forth, it’s hard to keep up,” said Phil Flynn, senior analyst with Price Futures Group. “The story now is … Read more
May 21 (Reuters) – U.S. oil major Exxon Mobil (XOM.N) is in talks to acquire rights to produce oil in Venezuela nearly two decades after it was effectively expelled from the country, the New York Times reported on Thursday, citing people familiar with the matter. The deal, which could be finalized and announced as soon … Read more
Army Corps mandates stricter safety, monitoring for Dakota Access pipeline Conditions include enhanced leak detection, water monitoring systems, independent review of pipeline leak No new pipeline segments authorized HOUSTON, May 21 (Reuters) – The Dakota Access oil pipeline can keep operating under stricter environmental and safety conditions, the U.S. Army Corps of Engineers said on … Read more
By Nicole Jao Automobile association expects record 39.1 million to travel by car this weekend Gasoline prices surge due to Iran conflict; Strait of Hormuz closure impacts supply Analysts warn that low inventories, refinery outages and hurricanes could push prices higher NEW YORK, May 21 (Reuters) – Soaring gasoline prices and a looming fuel crunch … Read more
By Jennifer A Dlouhy The head of ConocoPhillips said Venezuela’s initial steps to attract foreign oil companies that could help revive the nation’s production are falling well short of what’s needed to convince firms to invest. The recent changes to Venezuela’s oil law intended to entice foreign drillers still give the government wide latitude to … Read more
(Reuters) – Canada has become more attractive for oil and gas investment under Prime Minister Mark Carney although the cost of doing business remains a challenge that could limit long-term energy sector growth, industry executives said on Thursday. Oil and gas companies, which have long complained that onerous federal regulations and environmental policies in Canada … Read more
(Reuters) – A diplomatic deal between the United States and Iran would be unfeasible if Tehran implemented a tolling system in the Strait of Hormuz, U.S. Secretary of State Marco Rubio told reporters on Thursday. “No one in the world is in favor of the tolling system. It can’t happen. It would be unacceptable. It … Read more
(Reuters) – U.S. underground natural gas storage capacity of the 375 active storage fields in the Lower 48 states increased in 2025, according to an annual report by the U.S. Energy Information Administration (EIA) on Thursday. The EIA uses two metrics to assess storage capacity: demonstrated peak capacity, which rose 0.1%, or 6 billion cubic … Read more
(Reuters) – When Donald Trump warned Iran on April 7 that “a whole civilization will die tonight,” a European diplomat in Washington said his government wanted an urgent answer to a chilling question: Was the U.S. president contemplating the use of a nuclear weapon? Across Europe and Asia, the concern went beyond whether Trump’s apocalyptic … Read more
By Ahmad Ghaddar and Olesya Astakhova Seven members likely to raise target by 188,000 bpd, sources say Most cannot meet targets due to Hormuz closure Group-wide OPEC+ policy expected to remain unchanged LONDON, May 21 (Reuters) – Seven leading OPEC+ oil-producing countries will likely agree to a modest hike to July output when they meet … Read more
LONDON, May 21 (Reuters) – British finance minister Rachel Reeves said on Thursday she would stop multinationals, including oil and gas firms, from reducing their tax liability by using corporate structures that involve foreign branches. Reeves made the announcement in a speech setting out a range of measures to help British consumers, saying the changes … Read more
Canada’s Energy Moment Has Arrived With Canada’s energy agenda moving faster than it has in a generation, the past month alone tells the story. A federal-provincial pipeline agreement to the Pacific coast, Enbridge’s $4 billion Sunrise Expansion approved, Shell’s $22 billion acquisition of ARC Resources bolstering LNG Canada Phase 2, and Keyera’s $5.3 billion midstream … Read more
HOUSTON, May 21, 2026 (GLOBE NEWSWIRE) — Devon Energy Corporation (NYSE: DVN) announced the successful acquisition of 16,300 net undeveloped acres in the core of the Delaware Basin in Lea and Eddy Counties, New Mexico, for approximately $2.6 billion, or approximately $161,500 per net acre, through the Bureau of Land Management (“BLM”) Oil and Gas … Read more
(Reuters) – Shale producer Devon Energy on Thursday said it has acquired 16,300 net undeveloped acres in the core of the Delaware Basin in New Mexico for about $2.6 billion through a federal lease, strengthening its position in the top U.S. shale basin. The deal comes weeks after Devon closed its $58 billion merger with Coterra Energy, as … Read more
By Reuters (Reuters) – The start of peak summer fuel demand combined with the lack of new oil exports from the Middle East and depleting stocks could push the oil market into the “red zone” in July-August, the head of the International Energy Agency said on Thursday without elaborating. The world entered the oil supply crisis … Read more
(Reuters) – U.S. energy storage developers installed 9.7 gigawatt-hours of new capacity in the first quarter of 2026, marking a record high for the quarter, an industry report showed on Thursday. Energy storage capacity grew 32% in the quarter from a year ago despite federal actions the industry says are slowing clean energy development, … Read more
Summary ADNOC chief Jaber’s outlook among most pessimistic for return to normal Hormuz traffic Mideast war and Iran blockade have disrupted one-fifth of global oil flows Jaber urges renewed investment to strengthen global energy supply chains (Reuters) – Full oil flows through the Strait of Hormuz will not return before the first or second … Read more
(Reuters) – The United States withdrew 17.8 million barrels of crude oil from its inventories, the highest on record, the Energy Information Administration said on Wednesday, as the Iran war has cut global supplies and raised demand for U.S. crude and products. The country’s stock of oil fell to 819.2 million barrels as of May … Read more
Summary Supreme Leader says enriched uranium must stay in Iran, Iranian sources say Pakistan steps up diplomatic bid to get US-Iran peace talks on track US withdrew biggest oil drawdown on record from SPR last week Europe’s economy hit hard as energy price shock stifles demand (Reuters) – Oil prices rose over 1% on Thursday … Read more
A Trump administration sale of oil and gas drilling rights on federal lands in New Mexico and Texas generated $4 billion in winning bids, the Interior Department said on Wednesday. The sale’s total obliterated that of previous onshore government oil and gas auctions at a time when the Iran war has cut global supplies and … Read more
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