Tanker freight rates soaring to record highs are putting US crude oil out of reach for Asian refiners, pushing them to seek alternatives from the Middle East and Latin America, according to multiple traders and shipbrokers who track those markets. The cost of chartering a very large crude carrier (VLCC) to carry 2 million barrels of US oil from the Gulf of Mexico to China in November hit $80 million this week, according to data from shipbrokers Simpson, Spence & Young on LSEG. This [Read more]
Discount on Western Canada Select widens again
The discount on Western Canada Select (WCS) crude oil to North American benchmark West Texas Intermediate futures widened again on Thursday, as soaring global freight prices continue to put pressure on Canadian barrels re-exported off the US Gulf Coast. WCS for November delivery in Hardisty, Alberta, settled at $25.20 a barrel below the US benchmark WTI, according to brokerage CalRock, compared with $25.15 on Wednesday. The discount remains more than $10 wider than it was at this point in [Read more]
US natural gas supply growth to outpace demand this winter, NGSA says
The US natural gas market is expected to see supply growth outpace demand this winter despite rising LNG exports, the Natural Gas Supply Association, an industry group, said in its winter outlook on Thursday. US dry gas production is expected to average 112.5 billion cubic feet per day (bcf/d) this winter, up roughly 2.5 bcf/d from last year and roughly 7 bcf/d above the three-winter average, NGSA said. Here are some details from the report: * With this year’s projections based on [Read more]
About 63% of US Gulf oil production shut in ahead of Isaias, US agency says
US Gulf of Mexico oil and gas producers have shut in about 62.89% of current oil production and 57.35% of current natural gas production as of Thursday, according to the Marine Minerals Administration, as operators continued to respond to Hurricane Isaias. The agency said personnel had been evacuated from 121 production platforms, representing 32.61% of the 371 manned platforms in the Gulf. It also said workers had been removed from 5 of 11 non-dynamically positioned rigs. In addition, 4 [Read more]
Trump says US will not attack Iran before midterm elections in November
US President Donald Trump said on Thursday the United States is having productive discussions with Iran and will not launch an attack on the country before US midterm congressional elections in November. "We are having productive discussions with the Islamic Republic of Iran," Trump wrote in a post on Truth Social. He said the US blockade of Iranian ports remains in effect and that oil is flowing through the Strait of Hormuz. "We will not be attacking Iran at any time prior to the Midterm [Read more]
Attack risks rise for tankers as Iran vows to block more Hormuz routes
Tankers are facing a higher risk of attacks and intimidation as they try to get critical shipments through the Strait of Hormuz after Iran issued new warnings it would block routes that it has not authorized, sources said. Last week already saw the biggest number of attacks on tankers in the key waterway since the Iran war began - cutting the number of vessels trying to get through to the lowest in more than two months. Iran has now warned regional countries that any attempt to open new [Read more]
Devon Energy to sell Eagle Ford assets to Crescent Energy for $4.2 billion
Devon Energy said on Thursday it would sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash. The divestment comes amid continued investor pressure on Devon to streamline its portfolio and focus on its core Permian Basin operations following its recent $58 billion merger with Coterra Energy, which created one of the biggest independent oil companies in the U.S. U.S. shale producers have been selling assets to pay down debt following a consolidation wave totaling more than [Read more]
Battle for Mideast oil market share has already begun: Bousso
Middle East oil producers have launched a battle to recapture market share lost during the Iran war, setting current and former OPEC members on a collision course as traffic through the Strait of Hormuz gradually recovers. Such turf battles usually send crude prices plummeting, yet consumers are unlikely to see much relief at the pump in the near term. The Iran war, now in its eighth month, delivered the biggest shock to the global oil market in decades. After Iran imposed a blockade on the [Read more]
Oil rises as Middle East supply concerns persist amid shipping attacks
Oil prices rose on Thursday on persistent worries about supply from the key Middle East producing region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz, while the US cut output as a hurricane menaced offshore production. Brent crude futures rose $2.28, or 2.28%, to $102.28 a barrel by 0427 GMT. US West Texas Intermediate (WTI) crude futures gained $1.66, or 1.88%, to $89.94. Prices settled lower on Wednesday after the International Energy Agency agreed to [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select (WCS) crude oil to North American benchmark West Texas Intermediate futures widened on Wednesday, as soaring global freight prices continue to put pressure on Canadian barrels re-exported off the US Gulf Coast. WCS for November delivery in Hardisty, Alberta, settled at $25.15 a barrel below the US benchmark WTI, according to brokerage CalRock, compared with $24.95 on Tuesday. The discount remains more than $10 wider than it was at this point in last [Read more]
- « Previous Page
- 1
- …
- 20
- 21
- 22
- 23
- 24
- …
- 1264
- Next Page »