The U.S. and Iran appeared no closer on Saturday to finding an end to their war after the two sides traded fire in the Gulf amid a tenuous ceasefire, while a U.S. intelligence analysis concluded Tehran could withstand a naval blockade for months. Recent days have seen the biggest flare-ups in fighting in and around the Strait of Hormuz since a ceasefire began a month ago, and the United Arab Emirates came under renewed attack on Friday. Washington has been awaiting Tehran's response to a U.S. [Read more]
Discount on Western Canada Select unchanged
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures was unchanged on Friday. WCS for June delivery in Hardisty, Alberta, settled at $15.80 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, flat on Thursday'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 differential has been [Read more]
Edison expects to receive two-thirds of contracted Qatari LNG supply after peace deal
QatarEnergy's European customer Edison expects the Gulf producer to be able to initially supply about two-thirds of contracted volumes of liquefied natural gas after any peace deal between the United States and Iran, the Italian group's CEO said on Friday. Supplies were expected to begin again 30-45 days after a deal, Nicola Monti added, speaking at an event in Milan. Qatar declared Force Majeure on its long-term contract for Edison, a unit of French energy group EDF, earlier this year and [Read more]
Diamondback bets on wider WTI-Brent gap amid US export ban concerns
U.S. producer Diamondback Energy bought options to sell the price difference between U.S. West Texas Intermediate crude and globally traded Brent crude at around minus $42 a barrel in coming months, according to the company's quarterly filing, a bet that could pay off if the United States banned oil exports. The unusual hedge signals how oil companies are looking for ways to insure their revenue, and the costs associated with it as the Iran war has caused massive whiplashes in prices that [Read more]
Freeport LNG plant in Texas expected to reduce output for maintenance in coming days, sources say
U.S. LNG exporter Freeport LNG is expected to reduce output in the coming days due to unplanned maintenance at the Texas plant, twomarket sources said. The work at the third largest LNG export facility in the U.S. could last through May and have prompted the company to cancel three previously scheduled cargoes, the sources added. Those shipments were due to go to portfolio players that typically buy from various sources and act as middlemen to optimize arbitrage opportunities, two sources [Read more]
US drillers add oil and gas rigs for third week in a row, says Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a third week in a row, the first three-week streak of increases since early February, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by one to 548 in the week to May 8, its highest since early April. Despite this week's rig increase, Baker Hughes said the total count was still down 30 rigs, or 5% below this time last [Read more]
South Bow working to secure required permitting for Canada-US oil pipeline proposal
Canadian crude oil pipeline company South Bow said on Friday it is beginning efforts to obtain required permits across the U.S. route of its Prairie Connector project. * The Alberta-to-Wyoming pipeline would use portions of pipe already installed in Canada as part of the cancelled Keystone XL project. * South Bow said on a conference call it is working to secure its supply chain, contracting and procurement strategy, as well as working on a cost estimate for the project. * South Bow is [Read more]
Canada’s Enbridge tops profit estimates on gas transmission strength
Enbridge reported first-quarter adjusted profit on Friday that surpassed analysts' expectations as robust performance in its gas transmission and utility businesses offset softer results in its liquids pipelines segment. The pipeline operator is benefiting from rising demand for natural gas, utility infrastructure and power supply for data centers, allowing it to generate steady growth despite geopolitical tensions and commodity price volatility. The company said it added projects worth [Read more]
Suspected oil spill seen on satellite images near Iran’s Kharg Island export hub
A suspected oil spill covering dozens of square kilometres of sea near Iran's main oil hub of Kharg Island has been seen on satellite imagery this week. The likely spill - appearing on images as a grey and white slick - covered waters to the west of the 8-kilometre (5-mile) long island, pictures from Copernicus’s Sentinel-1, Sentinel-2 and Sentinel-3 satellites showed on May 6-8. “The slick appears visually consistent with oil,” said Leon Moreland, researcher at the Conflict and [Read more]
China confirms attack on oil tanker in Strait of Hormuz earlier this week
China's foreign ministry confirmed on Friday that an oil products tanker carrying Chinese crew was attacked in the Strait of Hormuz, and expressed deep concern about vessels affected by the ongoing conflict in the Middle East. There are Chinese nationals aboard the vessel, but no reported crew casualties so far, foreign ministry spokesperson Lin Jian said during a regular news conference. Chinese media Caixin reported on Thursday that a Chinese-owned oil products tanker marked "CHINA OWNER [Read more]
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