A tanker carrying about 2 million barrels of Iraqi fuel oil was struck by a drone in Iraqi territorial waters on Wednesday, port officials said, and British navy-affiliated UKMTO reported that several merchant vessels in the Gulf had been hit by disabling fire overnight. A fire broke out aboard the Panama-flagged oil tanker New Andros after it was hit in Iraqi waters at around 6 a.m. (0300 GMT) on Wednesday, two Iraqi port officials told Reuters. There were no reports of casualties among [Read more]
Iran attacks US base in Jordan, ships near Hormuz after tankers sunk
Iran's Revolutionary Guard said it fired ballistic missiles at a base in Jordan used by the U.S. military and attacked 10 ships on Wednesday, after the U.S. said it had destroyed five Iranian oil tankers, in a sharp escalation of the six-month-old war. Increased attacks by both the U.S. and Iran have shattered a month of relative calm, hitting military, shipping and energy assets, sending oil prices surging and drawing in regional allies in recent days. The Americans said they destroyed [Read more]
Shipping traffic via Strait of Hormuz stays below 10-day average, data shows
Six commodity vessels transited the Strait of Hormuz on Tuesday, down from nine a day earlier and below the 10-day average of about 12, preliminary shipping data showed on Wednesday. The figures could change as some ships typically switch off their transponders during the voyage. Of the six vessels, five were entering and one was exiting, initial data from shiptracker Kpler showed at 0200 GMT. They included one Panamax and one intermediate tanker. The U.S.-Israeli war on Iran [Read more]
Alberta landowners take regulator to court over oil well cleanup
A group of Alberta landowners are going to court to argue that the province's energy regulator has chronically and knowingly underfunded a program meant to protect the public from the cost of cleaning up abandoned oil and gas wells. The legal action is the culmination of years of simmering tension between farmers and ranchers and oil and gas producers in Canada's main energy-producing province, which has struggled to cope with the thousands of so-called "orphan" wells that dot Alberta's rural [Read more]
Chevron to double oil rigs in Venezuela as part of growth plan
Chevron will more than double the number of oil rigs it operates in Venezuela as part of its five-year plan to increase production in the country, Chief Financial Officer Eimear Bonner said at a Barclays conference on Tuesday. Last week, the U.S. oil major said its joint venture partnerships in Venezuela would invest more than $7 billion to more than double oil output to 600,000 barrels per day by 2031. The company has long maintained its presence despite years of political upheaval, and the [Read more]
Oil stocks in US Strategic Petroleum Reserve fall by 1.2 million barrels to lowest level since 1982
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 1.2 million barrels to 285.4 million barrels last week, the lowest level since November 1982, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. (Reporting by Pablo Sinha in Bengaluru, Editing by Franklin Paul) [Read more]
In Australia’s shale patch, Americans bring money, tech and lessons learned
The developers of Australia's Beetaloo Basin are bringing in U.S. equipment, money, expertise and - they hope - U.S.-style scale and efficiencies to reduce costs and make the country's first shale gas project economically viable. The Beetaloo shale formation, which delivered its first gas this month, is often compared with the prolific Marcellus shale in the U.S., but its remoteness deep in the Northern Territory means billions of dollars will be needed to build pipelines. The [Read more]
JPMorgan hires senior CPPIB executive as bank expands in Canadian equities
JPMorgan Chase has hired Canada Pension Plan Investment Board's head of equities trading Chris Finora to lead its Canadian Cash Equities Trading franchise, the bank told Reuters, as it expands its equities platform to capture growing investment opportunities in Canada. Finora joins JPMorgan in Toronto this month after about two years at CPPIB and 27 years at TD Securities. JPMorgan, the largest U.S. lender, has hired 18 executives and managing directors in Canada in the past year, increasing [Read more]
Asia is poised to take up 70% of Canadian oil exports, pipeline executive says
Asia, led by China, is expected to buy 70% of Canadian crude oil exports after the country's only pipeline that provides access to the continent expands its capacity by a third by the end of 2028, a Canadian industry executive said on Tuesday. * Demand from Asia for Canadian crude has increased as the U.S.-Israeli war on Iran has disrupted supplies from the Middle East. * The 890,000-barrel-per-day Trans Mountain pipeline from the province of Alberta to British Columbia's west coast from [Read more]
Goldman Sachs, HSBC raise oil price forecasts on Gulf disruptions
Goldman Sachs and HSBC raised their oil price forecasts this week as prices climbed to multi-week highs on persistent Middle East shipping disruptions. * Goldman Sachs on Monday raised its Brent and West Texas Intermediate crude oil price forecasts by $5 a barrel for December 2026 and 2027, citing an expectation that shipping disruptions in the Middle East will persist into next year. * Goldman Sachs said in a note that Brent crude could climb above $120 a barrel if average Gulf oil output [Read more]
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