Constrained diesel supplies could persist well into next year as large counter-seasonal stock drawdowns have combined with restricted production ahead of the peak winter demand season, the International Energy Agency said in its latest monthly oil market report. Diesel refining margins, the fuel's premium to underlying crude oil, soared to record highs of almost $95 per barrel in September, as reduced refining capacity due to attacks linked to the Iran war slashed production. "Diesel [Read more]
Oil prices climb as Iran deploys new tactics to target ships transiting Hormuz
Oil prices climbed on Wednesday after two vessels were struck in the Strait of Hormuz and Iranian officials told Reuters they were deploying new tactics to target ships, as Tehran seeks to keep oil prices high and influence the US midterm elections. Brent crude futures rose 63 cents, or 0.6%, to $106.32 a barrel by 0345 GMT, while US West Texas Intermediate crude futures gained 66 cents, or 0.7%, to $94.80 a barrel. Both contracts rose more than $1 in earlier trade before paring some [Read more]
Trump says Taiwan agrees to buy 30% of gas from Alaska pipeline
Taiwan has agreed to buy 30% of the gas from a pipeline project in Alaska, US President Donald Trump told a rally in the state on Tuesday. The terms of the deal were not immediately clear. Last year, Taiwanese state energy firm CPC Corp signed an agreement with Alaska Gasline Development Corp to buy liquefied natural gas and invest in the pipeline project. At the time, Taiwan's President Lai Ching-te said the investment would ensure the island's energy security. (Reporting by Gram [Read more]
Iran shifting tactics to step up attacks on shipping before US vote, officials say
Iran is deploying new tactics to target ships sailing through the Strait of Hormuz as it seeks to keep oil prices high and influence the US midterm elections, two senior Iranian officials told Reuters. Tehran has tried to exert control over the Strait of Hormuz since the US and Israel launched strikes against Iran on February 28. It has restricted passage through the waterway, which carried about a fifth of global oil and liquefied natural gas trade before the war, in an effort to gain [Read more]
Discount on Western Canada Select largely steady
The discount on Western Canada Select (WCS) crude oil to North American benchmark West Texas Intermediate futures held largely steady on Tuesday. WCS for November delivery in Hardisty, Alberta, settled at $25.50 a barrel below the US benchmark WTI, according to brokerage CalRock, compared with $25.55 on Friday. The discount remains more than $10 wider than it was at this point in last month's trading cycle and is wider than it has been since 2023. * High freight rates have sharply cut [Read more]
Guyana may scale back LNG plans as Exxon needs more gas for its wells, sources say
ExxonMobil has told Guyana it will need more offshore gas to maximize oil production than the government had expected, potentially leaving less for liquefied natural gas production and exports, two people close to the talks said. Guyanese officials are now weighing whether to shrink a planned LNG project or skip exports altogether and use the gas for domestic power and petrochemical facilities only. It would deal a blow to the South American nation's ambitions to become a regional energy [Read more]
Enbridge seeks support for Texas-Louisiana gas pipeline expansion
Enbridge's Texas Eastern Transmission said it is seeking customer interest for its proposed Katy to Gillis Expansion Project, a natural gas transportation project that could provide up to 2 billion cubic feet per day of capacity. * The project is designed to move natural gas from the Katy Hub in Texas to growing demand markets in southwest Louisiana. * The project would be developed in collaboration with Mustang Express Pipeline LLC and would combine transportation services on the Mustang [Read more]
Occidental oil prices jump as supply concerns lift crude
Shale producer Occidental Petroleum said in a filing on Tuesday its worldwide average realized oil prices rose 32.6% in the third quarter from a year earlier, as concerns over supply disruptions linked to the US-Iran war and restricted oil flows through the Strait of Hormuz lifted crude prices. The US-Iran war has pushed up oil prices by raising supply concerns and disrupting flows through the Strait of Hormuz, which carries about a fifth of the world's oil. * In September, the company [Read more]
Kremlin says it sees no direct link between US diesel deal and Russia’s Ukraine stance
The Kremlin said on Tuesday that it did not see any direct link between a deal on exporting Russian diesel to the United States and Moscow's own stance on the Ukraine peace talks. It was commenting on a Reuters source-based story, which reported that US President Donald Trump's envoys had told Ukrainian officials on Friday that the deal to allow Russian diesel exports was part of an attempt to draw Russia back into negotiations over a possible peace settlement in Ukraine. "I don’t see any [Read more]
10-year Treasury yield at 5.9% would spark shift to bonds from stocks: BofA investor survey
The US 10-year Treasury yield would need to climb to nearly 6% before bonds become compelling enough for investors to draw money away from stocks, highlighting the resilience of equity markets even as borrowing costs jump, Bank of America's latest Global Fund Manager survey found. The survey, carried out between October 2 to 8, found investors were the least optimistic since the June poll, but were still bullish on macro and markets heading towards the US midterm elections and third quarter [Read more]
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