Ongoing conflict in the Middle East and other disruptions will lead to more companies hiring LNG ships under long-term contracts rather than on the spot market, NextDecade shipping vice president Peter Fitzpatrick said on Wednesday at an event in Houston. The LNG industry became comfortable with hiring ships on the spot market when there was an oversupply of the fuel, with very few long-term deals done in 2024 and 2025, Fitzpatrick said. The market, however, is beginning to realize there will [Read more]
US says airline jet fuel costs jumped $1.8 billion or 56% in March
Major U.S. passenger airlines spent just over $5 billion on jet fuel in March, up $1.8 billion or 56% from what they spent in February, the U.S. Transportation Department said on Wednesday. The cost per gallon of fuel in March was $3.13, up 74 cents, and 31% over February. Fuel use rose 20% in March, USDOT added. Since the U.S.-Israeli war with Iran began, disruptions to shipping through the Strait of Hormuz have roiled global oil markets. Surging jet fuel prices have created the air [Read more]
US crude stocks, gasoline and distillate inventories fall, EIA says
U.S. crude stocks, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.3 million barrels to 457.2 million barrels in the week ended May 1, the EIA said, compared with analysts' expectations in a Reuters poll for a 3.3 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 648,000 barrels in the week, the EIA said. Refinery crude runs fell by 42,000 barrels per day in the week, [Read more]
Canada’s Cenovus posts surge in profit as MEG acquisition spurs record output
Canadian oil and gas producer Cenovus Energy posted a rise in first-quarter profit on Wednesday, helped by higher benchmark crude oil pricesand as the acquisition of MEG Energy boosted its upstream production to record levels. Cenovus' acquisition of MEG last year added the Christina Lake oil sands assets to its portfolio, boosting production and strengthening its position as one of Canada's largest heavy oil producers. The company said total upstream production rose to a record 972,100 [Read more]
Iran says it wants a ‘comprehensive agreement’ with US
Iran will only accept "a fair and comprehensive agreement" in its negotiations with the U.S. on ending the war in the Middle East, its foreign minister said on Wednesday, as President Donald Trump cited "great progress" in the process. "We will do our best to protect our legitimate rights and interests in the negotiations," Foreign Minister Abbas Araqchi said in Beijing after a meeting with China's top diplomat Wang Yi, Iranian media reported. "We only accept a fair and comprehensive [Read more]
Canada’s Suncor Energy beats first-quarter profit estimates on higher commodity prices
Canada's Suncor Energy beat Wall Street estimates for first-quarter adjusted profit on Tuesday, boosted by higher commodity prices. The quarter was marked by geopolitical uncertainty and extreme volatility in global oil prices, which have surged over 87% this year, after the U.S.-Israeli war in Iran disrupted supply chains and damaged key energy infrastructure. Canadian oil and gas producers have been steadily boosting output while lowering costs. Suncor and its peers have outperformed [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Tuesday. WCS for June delivery in Hardisty, Alberta, settled at $16.00 a barrel, below the U.S. benchmark WTI, according to brokerage CalRock, compared to $16.25 on Monday. * While the discount has narrowed, the price marks a steep differential for heavy Canadian crude since the start of the U.S. war on Iran. * The WCS differential has been volatile since the start of [Read more]
Exxon using AI for faster analysis of Guyana’s oil fields, VP of exploration says
Exxon Mobil is using artificial intelligence and new technology to interpret seismic data from Guyana in days rather than months, John Ardill, the company's vice president of exploration, said on Tuesday. High-performance computing and AI-driven algorithms have accelerated seismic imaging, Ardill said at the Offshore Technology Conference in Houston. "We're using what was called deep learning, classification and so reinforced learning.... We can turn those tools around in just a few days, [Read more]
Trump says Iran “should wave the white flag of surrender”
President Donald Trump on Tuesday dismissed Iran's military capability and said Tehran "should wave the white flag of surrender" but is too proud to do so. Trump told reporters in the Oval Office that Iran's military has been reduced to firing "peashooters" and that Tehran privately wants to make a deal despite its public sabre-rattling. "They play games, but let me just tell you, they want to make a deal. And who wouldn't, when your military is totally gone?" he said. Trump heaped [Read more]
ADNOC set to push shale-style oil, gas projects after UAE’s OPEC exit
Abu Dhabi's ADNOC expects to make a final investment decision this year on its unconventional gas project with TotalEnergies, with approval for a separate unconventional oil project expected to follow soon, its upstream chief said. The United Arab Emirates' May 1 exit from OPEC was a "sovereign decision taking into account the long-term strategic and economic interest of the country," state oil giant ADNOC's Upstream CEO Musabbeh al-Kaabi told Reuters. ADNOC's unconventional projects, [Read more]
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