QatarEnergy is ready to resume liquefied natural gas production at its Ras Laffan LNG plant very quickly and could reach within a month full output of facilities unaffected by Iranian strikes, a person with knowledge of the matter told Reuters on Tuesday. Two of Qatar's 14 LNG trains and one of its two gas-to-liquids (GTL) facilities were damaged in the strikes, which knocked out 17% of the country's LNG export capacity, and will take years to repair, the group's CEO told Reuters in March. [Read more]
ADNOC sells at least 30 million barrels crude in supply boost, sources say
Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire. The United Arab Emirates producer sold cargoes of Das, Upper Zakum and Umm Lulu crude to refiners in India, China, South Korea and Japan as well as to global trading houses. Some were priced at flat to slight premiums to Dubai benchmarks for loading [Read more]
Oil markets bet Trump would chicken out on Iran. They won: Bousso
Never bet against Donald Trump? The oil market appears to have made a risky wager from day one of the Iran war: The U.S. president would not allow the conflict to spiral into a full-blown economic crisis. So traders wouldn’t price one in, no matter what was happening with physical supplies. It was a risky call, but it proved correct. Oil prices certainly swung during the three-and-a-half-month war, as Iran’s key weapon was the unprecedented closure of the Strait of Hormuz. Tehran was able [Read more]
Morgan Stanley lowers Brent oil price forecasts after US-Iran peace deal
Morgan Stanley has lowered its Brent crude oil price forecast for the fourth quarter of this year by $15 per barrel to $80, after the U.S. and Iran signed a preliminary agreement to end the war in the Gulf. "From here, it likely takes several weeks for tanker flow to be restored; we see 50% of production back by September, and 80% by December, slightly faster than before," the bank said in a note late on Monday. Morgan Stanley joined other banks in lowering their oil price forecasts after [Read more]
Oil falls as markets weigh return of supply, US-Iran peace deal
Oil prices extended losses on Tuesday, as markets weighed prospects for resumption of supply through the key Strait of Hormuz against shaky physical market drivers and a lack of details from a preliminary deal to end the Iran war. By 0436 GMT, Brent crude futures fell 25 cents, or 0.3%, to $82.92 a barrel and U.S. West Texas Intermediate inched down 9 cents, or 0.1%, to $80.66 a barrel. On Monday, oil prices fell nearly 5% to their lowest close since March 4, after U.S. President Donald [Read more]
Goldman lowers oil price forecasts on deal to reopen Strait of Hormuz
Goldman Sachs lowered its fourth-quarter Brent crude oil price forecast to $80 from $90 and cut its 2027 average estimate to $75 from $80, after the U.S. and Iran signed a preliminary agreement to reopen the Strait of Hormuz. Analysts at the investment bank said in a research note released late on Monday they now assume that Gulf exports normalise to pre-war levels by the end of July versus the end of August expected previously. Oil prices eased on Tuesday, having slipped nearly 5% to [Read more]
Is the Iran war just an energy shock – or a turning point?: Russell
The Iran war's disruption to global crude oil and LNG markets is already being measured in lost barrels and higher prices. Now, with a U.S.-Iran peace deal expected to reopen the Strait of Hormuz, the reckoning begins: was this a watershed moment, or merely another blip? Consider two precedents. The Volkswagen "Dieselgate" scandal over rigged emissions tests in 2015 seemed innocuous at first, but signalled the demise of diesel passenger cars and the rise of electric vehicles (EVs). By [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 July delivery in Hardisty, Alberta, settled at $11.40 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $11.15 a barrel on Friday. * WCS is ending its monthly trading cycle with the differential nearly $4 tighter than it was in mid May. It has been on a narrowing trend this month, tightening by approximately $4 since [Read more]
MOU is a ‘very general document’, Vance says on CNN
Vice President JD Vance on Monday said the U.S.' memorandum of understanding with Iran was "a very general document" with specifics of the deal to be worked out during further negotiations. "The MOU...is about a page and half so it is a very general document," Vance said on CNN's The Lead with Jake Tapper. "On a number of issues, we are going to have to figure this stuff out during the technical negotiation phase." (Reporting by Christian Martinez) [Read more]
Stocks of oil in US Strategic Petroleum Reserve falls to lowest since 1983
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell to 340.3 million barrels, the lowest level since 1983, according to data from the Department of Energy on Monday, signaling tight supplies just as the U.S. and Iran agree on a deal to end the war and open the Strait of Hormuz. Inventories in the government's emergency stash fell by 8.9 million barrels, the third steepest draw on record. The drawdowns are a part of a U.S. agreement to loan 172 million barrels from the facility to [Read more]
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