Major Asian liquefied natural gas (LNG) importers Japan and South Korea ramped up coal-fired power generation in April and into early May, market data showed, as the Iran war disrupted supplies of the super-chilled fuel and boosted prices. Japan's gas-fired power supply hit two-year lows in April and South Korea's dropped to six-month lows, according to data from the Japanese Electricity Market Data Hub and Korea Power Exchange (KPX). The switch underscores how the conflict is reshaping power [Read more]
Oil rises as fading hopes of quick end to Iran war reignite supply worries
Oil prices rose 2% on Tuesday as hopes for a deal to end the U.S.-Israeli war on Iran faded, with stark differences between Tehran and Washington on a peace proposal bringing supply concerns again to the fore. Brent crude futures were up $2, or 1.9%, at $106.21 per barrel, while U.S. West Texas Intermediate gained $2.31, or 2.4%, to $100.38 by 0726 GMT. Both benchmarks climbed nearly 2.8% on Monday. U.S. President Donald Trump said on Monday the ceasefire with Iran was "on life support", [Read more]
A Trump-Xi deal could revive US energy exports to China
U.S. President Donald Trump will arrive in Beijing this week for a summit with President Xi Jinping on May 14 to 15, where U.S. officials say a deal for Beijing to buy more U.S. energy could be under consideration. Tariffs imposed during the U.S.-China trade war have halted most Chinese imports of U.S. oil and LNG, which were worth $8.4 billion in 2024, the year before Trump began his second term. Here is a summary of the major elements of that trade. LNG China's imports of U.S. [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Monday. WCS for June delivery in Hardisty, Alberta, settled at $15.95 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, 15 cents lower than Friday's close. * While the discount has narrowed since the start of the month, the differential for heavy Canadian crude remains wider than it was at the beginning of the U.S. war on Iran. * The WCS [Read more]
US to loan 53.3 million barrels of oil from Strategic Petroleum Reserve
The Trump administration said on Monday it will loan energy companies 53.3 million barrels of crude from the U.S. Strategic Petroleum Reserve as part of a global agreement to calm oil markets that have spiked on the U.S.-Israeli war with Iran. Nine companies, including Exxon Mobil, Trafigura, and Marathon Petroleum Company, borrowed only about 58%of the 92.5 million barrels the Department of Energy last month had offered to loan from the SPR. The DOE this spring had already loaned about 80 [Read more]
Trump says Iran ceasefire on ‘life support’ after rejecting Tehran’s response
President Donald Trump said on Monday that the ceasefire with Iran was "on life support," after dismissing Tehran's response to a U.S. peace proposal as "stupid." Trump's swift rejection of Iran's response on Sunday has fueled concerns that the 10-week-old conflict will drag on and continue to paralyze shipping through the Strait of Hormuz. "I would call it the weakest right now, after reading that piece of garbage they sent us, I didn't even finish reading it," Trump said of the ceasefire. [Read more]
Strait of Hormuz disruption could push oil market recovery into 2027, Aramco CEO says
Disruption to oil exports via the Strait of Hormuz is threatening to delay the market's return to normal until 2027, Saudi Aramco CEO Amin Nasser warned on Monday. "The longer the supply disruptions continue, even for another few more weeks, it is going to take a much longer time for the oil market to rebalance and stabilize," Nasser told analysts on a call to discuss the company's first-quarter results, which were released on Sunday and beat expectations. The recovery could drag into 2027 [Read more]
JP Morgan sees Brent staying in low $100s even if Hormuz reopens in June
JP Morgan expects Brent crude to remain in the low-$100s for much of 2026, even if the Strait of Hormuz reopens in June, as accelerating inventory draws and logistical bottlenecks keep the oil market tight, the bank said in a note. * JP Morgan's revised framework assumes that the pace of oil inventory depletion will ultimately force the Strait to reopen "one way or another," with the bank's base case anchored on a June 1 reopening following a credible announcement confirmed by both [Read more]
Aramco could reach oil production capacity of 12 million bpd in three weeks if required, CEO says
Saudi state oil giant Aramco could reach a maximum sustainable oil production capacity of 12 million barrels per day in three weeks if required, CEO Amin Nasser said on Monday. He said that the energy supply shock that began in the first-quarter was the largest the world has ever experienced, and that if disruption of shipping in the Strait of Hormuz--linked to the U.S.-Iran conflict--continues for a few more weeks, normalization in the oil market would not happen until 2027. (Reporting by [Read more]
Oil market will lose around 100 million barrels every week, if Strait of Hormuz remains closed, Aramco CEO says
The oil market will lose around 100 million barrels every week, if the disruptions in the Strait of Hormuz continue at the current rate and it remains closed, the CEO of Saudi oil giant Aramco, Amin Nasser, said on Monday. "We expect demand rationing to continue as long as supply remains disrupted through the Strait of Hormuz. If normal trade and shipping resume, we anticipate a very robust return to demand growth," he added. (Reporting by Yousef Saba; Editing by Joe Bavier) [Read more]
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