The Electric Reliability Council of Texas (ERCOT) said electricity demand could rise sharply into the 2030s as an increasing pipeline of data centers drives most of the projected growth, according to a presentation on Wednesday by the grid operator. * ERCOT's preliminary base forecast projects peak electricity demand climbing from about 98,087 megawatts in 2026 to about 111,318 megawatts by 2032. * These projections reflect factors such as economic growth, electric vehicle adoption, [Read more]

China continued to build the world's largest stockpile of crude oil in March even as the rest of the world started to draw on inventories to compensate for the loss of millions of barrels from the effective closure of the Strait of Hormuz. China, the world's biggest crude importer, had surplus oil of 1.74 million barrels per day (bpd) in March, according to calculations based on official data. For the first quarter China's excess crude was 1.41 million bpd, down from the record high of [Read more]

U.S. forces in the Middle East are postured to restart combat operations if Iran doesn't agree to a peace deal, Defense Secretary Pete Hegseth told a Pentagon briefing on Thursday. "You Iran, can choose a prosperous future, a golden bridge, and we hope that you do for the people of Iran," he said. "But if Iran chooses poorly, then they will have a blockade and bombs dropping on infrastructure, power and energy." As part of a campaign to pressure Tehran to agree to a deal, U.S. military [Read more]

The U.S. nearly turned into a net crude exporter last week for the first time since World War Two as shipments surged close to a record high to meet demand from Asian and European buyers scrambling to replace Middle East supplies cut by the Iran war. The U.S. and Israel's war with Iran triggered the largest ever disruption to the global energy market as Iranian threats to shipping stopped around a fifth of the world's oil and gas supplies from transiting the Strait of Hormuz [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Wednesday. WCS for May delivery in Hardisty, Alberta, settled at $16.60 a barrel, below the U.S. benchmark WTI, according to brokerage CalRock, compared to $16.50 on Tuesday. * The WCS differential has been volatile since the start of the U.S. war on Iran and the effective closure of the Strait of Hormuz, which has sharply reduced crude exports from the region and left [Read more]

Reports that the White House has requested a ceasefire in the Iran war are wrong, press secretary Karoline Leavitt told reporters on Wednesday but added that discussions about a second round of talks with the Iranians were ongoing and productive. Speaking at a White House press briefing, Leavitt said any fresh talks would likely be in Pakistan again as it has emerged as the "only mediator" in the effort to end the U.S.-Israeli war on Iran. "These conversations are productive and ongoing, [Read more]

Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz without risk of attack as part of proposals it has offered in negotiations with the United States, providing a deal is clinched to prevent renewed conflict, a source briefed by Tehran said. The U.S.-Israeli war with Iran has resulted in the largest-ever disruption of global oil and gas supplies due to Iran's interruption of traffic through the strait, which handles about 20% of the world's oil and [Read more]