A Chinese-owned oil products tanker was attacked near the Strait of Hormuz on Monday, Chinese media outlet Caixin reported, as President Donald Trump launched a U.S. plan that day to help stranded vessels but suspended it a day later. This was the first time a Chinese oil tanker has been attacked, a person with knowledge of the matter told Caixin on Thursday. Traffic through the vital strait, through which 20% of the world's oil and gas supplies pass, has been at a virtual standstill [Read more]
Occidental scraps new oil hedges as Iran war fuels price volatility
U.S. shale producer Occidental Petroleum will not add more oil hedges this year after volatility in crude prices following the Iran war led to lower realized prices. Speaking on a post-earnings conference call on Wednesday, Chief Financial Officer Sunil Mathew said derivative-related losses had a partial impact on Occidental's first-quarter profit, which still managed to beat Wall Street expectations. In February, prior to the escalation in the Middle East, Occidental had placed "a modest [Read more]
Oil supply shock to worsen as inventories fall further even if conflict ends
Oil supplies are set to tighten further in coming weeks even if the U.S. and Iran agree on a peace deal to end their war because it will take weeks for oil shipments to resume from the Middle East Gulf and reach refiners worldwide - so oil companies will continue to deplete storage tanks to meet peak summer demand. The world has used temporary buffers - commercial stockpiles, oil in transit or held in storage at sea and emergency reserves - to offset the shock from the war in the Middle East. [Read more]
European Commission weighs suspending methane fines during energy emergencies, FT reports
The European Commission is considering suspending methane emissions penalties during energy supply crises after pressure from the United states and the fossil fuel industry to dilute rules on leaks of the greenhouse gas, the Financial Times reported on Wednesday. The Commission plans to roll out new rules on monitoring, reporting and verification for methane leaks and flaring tied to fossil fuel imports next year, the newspaper said, adding that the Middle East crisis has prompted calls to [Read more]
NextDecade sees Middle East conflict boosting long-term LNG ship charters
Ongoing conflict in the Middle East and other disruptions will lead to more companies hiring LNG ships under long-term contracts rather than on the spot market, NextDecade shipping vice president Peter Fitzpatrick said on Wednesday at an event in Houston. The LNG industry became comfortable with hiring ships on the spot market when there was an oversupply of the fuel, with very few long-term deals done in 2024 and 2025, Fitzpatrick said. The market, however, is beginning to realize there will [Read more]
US says airline jet fuel costs jumped $1.8 billion or 56% in March
Major U.S. passenger airlines spent just over $5 billion on jet fuel in March, up $1.8 billion or 56% from what they spent in February, the U.S. Transportation Department said on Wednesday. The cost per gallon of fuel in March was $3.13, up 74 cents, and 31% over February. Fuel use rose 20% in March, USDOT added. Since the U.S.-Israeli war with Iran began, disruptions to shipping through the Strait of Hormuz have roiled global oil markets. Surging jet fuel prices have created the air [Read more]
US crude stocks, gasoline and distillate inventories fall, EIA says
U.S. crude stocks, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.3 million barrels to 457.2 million barrels in the week ended May 1, the EIA said, compared with analysts' expectations in a Reuters poll for a 3.3 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 648,000 barrels in the week, the EIA said. Refinery crude runs fell by 42,000 barrels per day in the week, [Read more]
Canada’s Cenovus posts surge in profit as MEG acquisition spurs record output
Canadian oil and gas producer Cenovus Energy posted a rise in first-quarter profit on Wednesday, helped by higher benchmark crude oil pricesand as the acquisition of MEG Energy boosted its upstream production to record levels. Cenovus' acquisition of MEG last year added the Christina Lake oil sands assets to its portfolio, boosting production and strengthening its position as one of Canada's largest heavy oil producers. The company said total upstream production rose to a record 972,100 [Read more]
Iran says it wants a ‘comprehensive agreement’ with US
Iran will only accept "a fair and comprehensive agreement" in its negotiations with the U.S. on ending the war in the Middle East, its foreign minister said on Wednesday, as President Donald Trump cited "great progress" in the process. "We will do our best to protect our legitimate rights and interests in the negotiations," Foreign Minister Abbas Araqchi said in Beijing after a meeting with China's top diplomat Wang Yi, Iranian media reported. "We only accept a fair and comprehensive [Read more]
Canada’s Suncor Energy beats first-quarter profit estimates on higher commodity prices
Canada's Suncor Energy beat Wall Street estimates for first-quarter adjusted profit on Tuesday, boosted by higher commodity prices. The quarter was marked by geopolitical uncertainty and extreme volatility in global oil prices, which have surged over 87% this year, after the U.S.-Israeli war in Iran disrupted supply chains and damaged key energy infrastructure. Canadian oil and gas producers have been steadily boosting output while lowering costs. Suncor and its peers have outperformed [Read more]
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