U.S. natural gas futures climbed about 3% to a one-week high on a decline in output in recent weeks. That price increase came despite forecasts for less demand next week than previously expected and ample amounts of gas in storage. Front-month gas futures for June delivery on the New York Mercantile Exchange rose 8.4 cents, or 3.0%, to $2.841 per million British thermal units (mmBtu), putting the contract on track for its highest close since May 4. In the cash market, average prices at the [Read more]
Hormuz closure extends well beyond oil to threaten Chinese EVs: Russell
Buyers of electric vehicles and consumers of a diet cola in India may seem to be two groups with little in common, but they are both at risk from the fallout from the ongoing closure of the Strait of Hormuz. The longer the narrow waterway remains closed to most vessels the more pronounced second- and third-round effects will become on the world economy, which is already having to deal with higher prices for refined fuels such as diesel and gasoline and the related inflation this [Read more]
Second Qatari LNG tanker heads through Hormuz to Pakistan as Iran war continues, data shows
A second Qatari liquefied natural gas tanker is transiting the Strait of Hormuz days after the first such cargo crossed under an arrangement involving Iran and Pakistan, highlighting how cargoes are crossing the waterway on a case-by-case basis amid ongoing conflict risks. The vessel, Mihzem, with capacity of 174,000 cubic metres, departed Ras Laffan and is heading northeast toward Port Qasim in Pakistan, where it is expected to arrive on May 12, according to LSEG shipping data. This would be [Read more]
Iran planned for US blockade’s effect on oil sector, minister says
Iran's oil sector has faced some issues since the start of a U.S. maritime blockade on Iranian ports, but the oil ministry has taken countermeasures, Iran's Oil Minister Mohsen Paknejad said on Monday to state TV, without specifying the measures. "During the 40 days of war, our production didn't decrease and the export process was favourable," Paknejad said. "Naturally, in the days following the (U.S.) blockade, we have faced challenges but measures were taken and this process continues" [Read more]
Natural gas mineral and royalty firm WhiteHawk files for US IPO
Natural gas mineral and royalty business WhiteHawk on Monday filed for an initial public offering in the United States. The Philadelphia, Pennsylvania-based company plans to sell new shares in the offering. Raymond James, Stifel, and J.P. Morgan are the joint lead bookrunners for the offering. WhiteHawk will list on the New York Stock Exchange under the symbol "WHK". (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore) [Read more]
Iran describes its proposal to end war with US as legitimate, generous
Iran's proposal to end war with the U.S. and reopen the Strait of Hormuz was legitimate and generous, Foreign Ministry Spokesperson Esmaeil Baghaei said on Monday, adding that the U.S. continues to uphold unreasonable and one-sided demands. "Our demand is legitimate: demanding an end to the war, lifting the (U.S.) blockade and piracy, and releasing Iranian assets that have been unjustly frozen in banks due to U.S. pressure," Baghaei said. "Safe passage through the Strait of Hormuz and [Read more]
Volatility, not high prices, will define Big Oil’s next chapter: Bousso
Oil majors are bracing for prolonged turbulence in energy markets, which should curb any temptation to ramp up spending after the Iran war. The biggest fear now is not missing the next rally, but being on the wrong side of the inevitable retreat. The Middle East conflict and the near-airtight closure of the Strait of Hormuz since February 28 have triggered an unprecedented oil and gas supply crunch, pushing crude prices above $100 a barrel and sparking a global search for alternative [Read more]
Oil jumps as US and Iran disagree on peace proposal
Oil prices jumped $3 a barrel on Monday as the United States and Iran failed to agree to a peace proposal drafted by Washington while the Strait of Hormuz remained largely closed, keeping global energy supplies tight. Brent crude futures climbed $3.18 or 3.14% to $104.47 a barrel by 2336 GMT, extending a 1.23% gain on Friday. U.S. West Texas Intermediate was at $98.51 a barrel, up $3.09, or 3.24%, after settling 0.64% higher in the previous session. Hopes for an imminent end to the [Read more]
Aramco CEO warns 1 billion barrels lost will slow oil market recovery
The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilise even if flows resume, Saudi Aramco’s CEO said on Sunday, as shipping disruptions choke traffic through the Strait of Hormuz. "Our objective is simple: keep energy flowing, even when the system is under strain," Amin Nasser told Reuters in a statement after Aramco reported a 25% jump in net profit in its first-quarter. Global energy supplies have been sharply squeezed by [Read more]
Putin says he thinks the Ukraine conflict is coming to an end
Russian President Vladimir Putin said on Saturday that he thought the Ukraine conflict was coming to an end. Russia's 2022 invasion of Ukraine triggered the most serious crisis in relations between Russia and the West since the 1962 Cuban Missile Crisis, when many people feared the world was on the brink of nuclear war. "I think that the matter is coming to an end," Putin told reporters of the Ukraine war. Putin was speaking in the Kremlin after Russia held its most scaled-back Victory [Read more]
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