The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed slightly on Tuesday. WCS for June delivery in Hardisty, Alberta settled at $15.90 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, 5 cents higher than Monday's close. * While the discount has narrowed since the start of the month, the differential for heavy Canadian crude remains wider than it was at the beginning of the U.S. war on Iran. * The WCS [Read more]
US government’s energy arm assumes Strait of Hormuz will stay shut through late May
The U.S. Department of Energy's statistical arm on Tuesday said it assumes that the Strait of Hormuz will be effectively shut through late May and traffic will resume gradually from next month, prompting the agency to hike its forecasts for U.S. motor fuel prices. Iran's chokehold on the Strait of Hormuz in its ongoing war with the U.S. and Israel has upended global energy markets as millions of barrels per day of Middle Eastern energy exports have been stranded, flaming concerns of fuel [Read more]
Iraq, Pakistan strike energy deals with Iran as Tehran flexes Hormuz control
Both Iraq and Pakistan have cut deals with Iran to ship oil and liquefied natural gas from the Gulf, according to five sources with knowledge of the matter, in a demonstration of Tehran's ability to control energy flows through the Strait of Hormuz. The U.S.-Israeli war with Iran has slashed energy exports from a region that normally supplies 20% of the world's crude oil and LNG. The U.S. has blockaded Iranian ports in recent weeks. And though Iran initially sought to halt traffic through the [Read more]
US power use to beat record highs in 2026 and 2027 as AI use surges, EIA says
U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,248 billion kWh in 2026 and 4,379 billion kWh in 2027. Demand is surging due in large part to data centers dedicated to artificial intelligence and cryptocurrency, and as homes and [Read more]
US LNG vessels leave for China after year-long pause ahead of Trump-Xi summit
China could receive in June its first direct U.S. liquefied natural gas shipment in more than a year in a potential sign of thawing energy ties as U.S. President Donald Trump this week heads to Beijing for a summit with Chinese President Xi Jinping. Three vessels left U.S. LNG export plants in Louisiana last week and are expected to reach China in mid- to late June, according to data from financial firm LSEG. While other LNG tankers have left U.S. ports and said they were headed to China over [Read more]
US war in Iran has cost $29 billion so far, Pentagon says
The United States' war in Iran has cost $29 billion so far, a senior Pentagon official said on Tuesday, an increase of $4 billion from an estimate provided late last month. With just six months before midterm elections in which President Donald Trump's Republicans may face an uphill battle to keep their House majority, Democrats are riding high in public opinion polls as they attempt to link the war with cost of living issues. On April 29, the Pentagon said the war at that point had cost [Read more]
China’s commodity imports show Hormuz impact as oil slides, metals rise: Russell
The Iran war is starting to shape China's imports of major commodities, with April data showing a sharp decline in crude oil but rising trade in metals. The headline-grabbing number from the figures released last week by customs was the slide in arrivals of crude oil, with the world's biggest importer taking in 9.37 million barrels per day (bpd), the lowest in almost four years. April's imports were down 20% from the same month in 2025 as seaborne imports from the Middle East declined sharply [Read more]
The battle for Hormuz risks sparking the next Iran clash: Bousso
The Strait of Hormuz has emerged as the central battleground of the Iran conflict. The passage of a handful of oil and gas tankers in recent days, apparently with Tehran’s consent, hints at tacit acceptance of its control. This foreshadows a more dangerous phase in what is fast turning into a Hormuz war. Tehran’s near-complete closure of the vital trade artery since the joint Israeli-U.S. airstrikes on February 28 and the reciprocal U.S. naval blockade imposed last month have sent shockwaves [Read more]
Iran now defines Strait of Hormuz as far larger zone, IRGC officer says
Iran has expanded its definition of the Strait of Hormuz into a "vast operational area" far wider than before the Iran war, according to a senior officer in the Islamic Revolutionary Guard Corps (IRGC) Navy. The strait is no longer viewed as a narrow stretch around a handful of islands but instead has been greatly enlarged in scope and military significance, said Mohammad Akbarzadeh, deputy political director of the IRGC Navy, the state-affiliated Fars news agency reported on Tuesday. "In [Read more]
Top Asian LNG markets boost coal use as Iran war limits supply
Major Asian liquefied natural gas (LNG) importers Japan and South Korea ramped up coal-fired power generation in April and into early May, market data showed, as the Iran war disrupted supplies of the super-chilled fuel and boosted prices. Japan's gas-fired power supply hit two-year lows in April and South Korea's dropped to six-month lows, according to data from the Japanese Electricity Market Data Hub and Korea Power Exchange (KPX). The switch underscores how the conflict is reshaping power [Read more]
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