Physical crude oil cargoes are selling at discounts across the globe, changing trade flows as markets come under pressure from fast-rising Middle Eastern supply with Iran set to boost sales following a temporary reprieve from U.S. sanctions. The steep drop in prices follows the 60-day interim deal between the U.S. and Iran to end the war that started on February 28, allowing some shipping to resume in the Strait of Hormuz which used to see a fifth of the global oil and liquefied natural gas [Read more]
More stranded oil tankers exit Hormuz, adding to global supply
Three stranded tankers carrying 5 million barrels of crude oil were exiting the Strait of Hormuz on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the U.S. unlocks more supply stuck in the Gulf, bringing down global prices. South Korean-flagged VL Breeze, a Very Large Crude Carrier carrying 2 million barrels of Qatari condensate and Abu Dhabi crude, passed the strait and is heading to Daesan, data from LSEG and Kpler showed. The supertanker is [Read more]
JERA sees LNG prices staying firm as Qatar repairs drag on, Europe rebuilds stocks
Japan's JERA expects liquefied natural gas prices to remain relatively firm in the near term, as restoring Qatar's LNG facilities damaged during the Iran war will take time and Europe needs to replenish stocks ahead of winter, its chairman said. "Looking over the next year or so, prices may well hold up fairly well and not fall much," JERA Chairman and Global CEO Yukio Kani told a press conference on Wednesday. Kani said it would likely take more than "two to three years" to restore some [Read more]
Political turmoil offers UK chance to correct North Sea course: Bousso
The latest bout of political turmoil in Britain comes as energy security has moved front and centre following the Iran war, offering the next prime minister a chance to rethink the country’s North Sea oil and gas strategy. Andy Burnham, who is poised to succeed Prime Minister Keir Starmer following his resignation earlier this week, has provided few details of his economic vision, beyond describing it as “business-friendly socialism”. One of his central challenges will be balancing the [Read more]
Vessel and cargo valued at $125 billion awaiting Gulf passage, Allianz says
Around 1,150 cargo-carrying ships with an estimated vessel and freight value of $125 billion and as many as 20,000 seafarers are waiting to resume operations in the Gulf after the Iran war shut the Strait of Hormuz, Allianz Research said on Wednesday. "Even if the US and Iran agreement holds and the Strait of Hormuz is reopened properly, solid assurances of safe passage will be required, involving the international community, particularly if traffic is to return to its pre-war levels, up to [Read more]
Oil extends slide on expectations of smoother crude flows via Hormuz
Oil prices fell more than 1% on Wednesday, extending this week's losses and trading near four-month lows, on signs that more oil tankers stranded in the Gulf are set to move out of the Strait of Hormuz. Brent crude futures fell 78 cents, or 1.0%, at $76.30 a barrel as of 0350 GMT. U.S. West Texas Intermediate slipped 78 cents, or 1.1%, to $72.43 a barrel. Both benchmarks settled down around 1% on Tuesday, touching their lowest levels since early March. "Positive signals from the Persian [Read more]
Trump calls for probe into gasoline price ‘gouging’
U.S. President Donald Trump said on Wednesday that he has instructed the Department of Justice to look into oil companies for not lowering gasoline pump prices in line with falling crude costs, and accused the companies of "gouging" customers. Trump did not name any companies in his social media post, which came after midnight. The White House and the Justice Department (DOJ) did not respond to a request for further comment outside regular business hours. Diplomacy between the U.S. and [Read more]
Qatar to resume normal liquefied natural gas production ‘within a few weeks’, PM tells FT
Qatar’s Prime MSheikh Mohammed bin Abdulrahman al-Thani said the Gulf state would resume normal liquefied natural gas production “within a few weeks”, the Financial Times reported on Wednesday. Establishing a hotline between the U.S. and Iran is essential to reopen the Strait of Hormuz, he told the FT in an interview. QatarEnergy suspended LNG production after the U.S. and Israel launched their war on Iran on February 28 following a drone attack on its huge Ras Laffan plant. (Reporting [Read more]
Evacuation plan through Hormuz for stranded ships in Gulf underway, UN agency says
An evacuation plan to enable hundreds of ships with some 11,000 seafarers stranded in the Gulf to sail through the Strait of Hormuz is underway after Iran and the U.S. reached a ceasefire deal, the United Nations' shipping agency said on Tuesday. "We have now started contacting the ships to start the evacuation," a spokesperson with the U.N.'s International Maritime Organization (IMO) said, without providing a timeframe. The IMO said it had secured the necessary safety guarantees and [Read more]
Phillips 66 CEO says Hormuz supply disruptions may linger amid shipping uncertainty
U.S. refiner Phillips 66 CEO Mark Lashier said on Tuesday it would take time for crude supplies to clear through the Strait of Hormuz, as uncertainty remains around a return to normal shipping activity. Passage through the Strait of Hormuz is continuing on a limited basis, easing immediate supply concerns and pushing crude prices lower. Meanwhile, energy companies are monitoring how quickly crude flows, and inventories and shipping activity return to normal. Speaking at a JPMorgan [Read more]
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