Iran's Revolutionary Guards said they targeted U.S. military sites in Bahrain and Kuwait on Wednesday after the U.S. launched a wave of military strikes on Iran in response to attacks on tankers in the Strait of Hormuz. In the latest blow to the fragile ceasefire agreement, the Islamic Revolutionary Guard Corps said it carried out a joint missile and drone operation against key U.S. military sites in Bandar Salman, Bahrain's Fifth Naval District and Ali Al Salem Air Base in Kuwait, and shot down [Read more]
U.S. exports of petroleum products rose to record high in latest week, EIA says
U.S. energy firms exported a record 8.73 million barrels per day (bpd) of total petroleum products in the week ended July 3, the U.S. Energy Information Administration (EIA) said in its weekly Petroleum Status Report on Wednesday. That topped the prior weekly all-time high of 8.22 million bpd in early May, the EIA said. (Reporting by Siddharth Cavale- and Scott DiSavino in New York) [Read more]
Trump on Iran: US will probably hit them again Wednesday night
U.S. President Donald Trump on Wednesday threatened to attack Iran again after saying an initial ceasefire deal with the Islamic Republic was "over", though he has not made clear whether Washington would be returning to full-on war with Iran. Speaking on the sidelines of a NATO summit in Ankara, Trump slammed Iranian officials for what he described as not sticking to the deals they negotiated and warned that the United States will likely engage in additional strikes on Wednesday night after U.S. [Read more]
US crude stocks rise, gasoline and distillate inventories fall, EIA says
U.S. crude stocks rose while gasoline and distillate inventories fell in the week ending July 3, the Energy Information Administration said on Wednesday. Crude inventories rose by 3 million barrels to 411.4 million barrels last week, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.4 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 52,000 barrels last week, the EIA said. Refinery crude runs fell by 172,000 barrels per day last [Read more]
Four oil and gas tankers turn back from Hormuz strait after vessel attacks
At least four oil and gas tankers have turned back from attempting to transit the Strait of Hormuz, ship-tracking data showed, as renewed attacks on vessels in the critical waterway heightened safety and security concerns. The diversions come after a Qatari liquefied natural gas tanker and a Saudi-flagged crude oil tanker were damaged near the strait on Tuesday following reports that Iran fired missiles at ships in the waterway, prompting maritime authorities to raise the threat risk for [Read more]
What are the risks of an LNG tanker explosion?
A Qatari tanker loaded with liquefied natural gas (LNG) was at risk of exploding, one source said, after it sustained significant damage in an attack on the Omani side of the Strait of Hormuz on Tuesday. While the LNG industry has experienced a few accidents at onshore facilities, there has never been a catastrophic LNG cargo-tank explosion on a commercial LNG carrier at sea. Recent targeting of energy shipping vessels by belligerents in both the Ukraine and Iran wars has raised concerns, [Read more]
Asian shipbuilding dominance could thwart LNG expansion, Wood Mackenzie says
The biggest expansion of global LNG supply on record, led by the United States and Qatar, could be slowed as most of the ships needed to transport the fuel are being built in South Korea and China, a Wood Mackenzie report said on Wednesday. "The LNG industry talks constantly about energy security, diversification and resilience," Ekram El Loumi, director of research at Wood Mackenzie, said in the report. "Yet one of its most critical dependencies – the ability to physically move gas – rests [Read more]
Big Tech joins Calgary Stampede oil bash, as Canada courts data centers
Big Tech has joined the party at the Calgary Stampede, a sign of growing interest in Canada from U.S.-based hyperscalers as the province of Alberta courts data center development. Oil and gas companies typically take center stage at the annual energy get-together, timed with the city's famous rodeo. But this year, U.S.-based tech giants have a noticeable corporate presence as well, according to sources attending the parties. Alphabet's Google has been the most highly visible, helping [Read more]
Oil refiners’ Hormuz windfall may prove short-lived: Bousso
Oil refiners around the world have seen profits surge thanks to a rare combination of robust fuel demand and weak crude prices, as markets have rapidly readjusted following the reopening of the Strait of Hormuz. The windfall is unlikely to last. The benchmark U.S. 3-2-1 crack spread, a widely watched measure of refining profitability, recently climbed above $60 a barrel, the highest level on record. Refining margins in Asia and Europe have also risen sharply. Refining profitability is [Read more]
Oil surges, stocks tumble as Trump declares Iran MOU ‘over’
Oil surged by more than 5% on Wednesday and global stocks and bond prices tumbled, as investors fled risk assets after U.S. President Donald Trump said the memorandum of understanding signed with Iran to end the Gulf conflict was "over". Trump, who was speaking in Ankara ahead of a NATO summit in the Turkish capital, added that he did not want to engage with Tehran. "As far as I'm concerned, it's just a waste of time dealing with them," he said. Market sentiment was already fragile after [Read more]
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