U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.5 million barrels to 461.6 million barrels in the week ended March 27, the EIA said, compared with analysts' expectations in a Reuters poll for a 814,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 520,000 barrels in the week, the EIA said. Oil futures held on to earlier losses following the [Read more]
US natural gas supply outlook hinges on three key shale basins: Maguire
Natural gas touches almost every corner of the U.S. economy, fuelling power plants, homes, factories and the booming LNG export sector. But the supply needed to meet all those uses is coming from an ever-narrower slice of America's shale patch. This mismatch between a widening band of consumers and a shrinking supply base means the U.S. natural gas market is heading for a potential structural crunch that could trigger bouts of supply stress and price volatility. Higher gas prices, however, [Read more]
Bahrain circulates revised UN Hormuz draft, drops binding enforcement
Bahrain has circulated a revised U.N. Security Council draft resolution on protecting commercial shipping in and around the Strait of Hormuz, retaining language authorising “all necessary means” but dropping an explicit reference to binding enforcement. Shipping through the waterway, through which roughly a fifth of global oil supplies pass and which underpins Gulf economies, has already slowed to a near-halt after Iran struck vessels amid its conflict with the United States and [Read more]
New BP CEO takes helm pledging consistency, staff note shows
BP's new CEO Meg O'Neill told employees on Wednesday she would offer consistency while accelerating the group's performance, a year after BP pivoted its strategy firmly back to oil and gas, according to a staff note seen by Reuters. O'Neill started the job on Wednesday as BP's fourth CEO since 2020 and its first external hire for the role in more than a century. She is the first woman to lead a top-five oil major. Formerly of Australia's Woodside Energy and Exxon Mobil, O'Neill arrives as BP [Read more]
Iranian missile hit oil tanker in Qatari waters, Qatar says
An oil tanker leased to state-owned QatarEnergy was hit by an Iranian cruise missile on Wednesday in Qatari waters, the defence ministry said. Qatar was targeted by three cruise missiles coming from Iran, two were intercepted while the third hit the Aqua 1 fuel oil tanker, but caused no casualties. The vessel, located 17 nautical miles (31 km) north of Qatar's Ras Laffan industrial hub, the site of the world's largest gas plant, sustained damage above the waterline but no environmental [Read more]
Iran war is both a boost and a threat to Australia’s LNG: Russell
The U.S. and Israeli war against Iran has changed the global market for liquefied natural gas (LNG), providing a boost to producers outside the Middle East that will likely last long after the current conflict ends. One of the major beneficiaries is Australia, which last year slipped to the third-largest exporter of the super-chilled fuel behind the United States and Qatar. But the effective closure of the Strait of Hormuz has shut off Qatar's LNG exports, meaning that it will likely lose [Read more]
US oil output fell the most in 2 years during January winter storm, EIA data shows
U.S. crude oil output fell by the most in two years during January following a severe winter storm that knocked production offline in large swathes of the country, data from the Energy Information Administration showed on Tuesday. U.S. crude oil output fell 410,000 barrels per day month over month in January to 13.25 million bpd, the lowest since February 2025, the EIA data showed. Total U.S. crude oil and petroleum products consumption, meanwhile, fell 201,000 barrels per day to 20.7 [Read more]
US warns Americans in Saudi Arabia to shelter in place after threats
The State Department said on Tuesday it was monitoring threats to Americans in Saudi Arabia and warned all U.S. citizens in the country to shelter in place. "We are tracking reports of threats against locations where American citizens gather," the U.S. Embassy in Saudi Arabia said in a travel advisory. "We advise U.S. citizens that hotels and other gathering points including U.S. businesses and U.S. educational institutions may be potential targets." The embassy asked Americans to [Read more]
US oil heads to Greece for first time in four years as refiners look for alternatives to Middle East crude
A cargo of WTI Midland crude headed to Greece for the first time in about four years, ship tracking data on Kpler showed, as U.S. and Israel's war on Iran and reduced traffic through the Strait of Hormuz have upended trade flows and shut in output in the region. Isle of Man-flagged medium-sized tanker Eagle Helsinki loaded about 700,000 barrels of WTI Midland, the flagship U.S. light sweet crude, at Seabrook Logistics terminal in Houston and was anchored at Agio Theodoroi, Greece, close to [Read more]
Edison says Qatar still evaluating impact of Iran attack on LNG supply
QatarEnergy has yet to update its liquefied natural gas (LNG) customers on the impacts of recent attacks on its gas plants, Edison CEO Nicola Monti said on Tuesday. Monti said a pause in LNG supply until mid-June, which QatarEnergy notified the Italian utility of last week, was mainly due to the shipping blockade in the Strait of Hormuz. But the consequences of Iranian attacks on Qatar LNG plants, which QatarEnergy's CEO told Reuters earlier this month had knocked out 17% of its LNG export [Read more]
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