US forecasters said on Tuesday a storm forming in the Gulf of Mexico and speeding towards Louisiana and Mississippi would become the first Atlantic hurricane of 2026 within two days. Currently named Tropical Depression Nine, the cyclone would be at tropical storm strength by early Wednesday, the National Hurricane Center said. "The depression is expected to pass to the north of the Yucatan Peninsula on Thursday, and approach the US northern Gulf Coast on Friday," the Hurricane Center said [Read more]
Chevron to divest midstream assets in Bakken restructuring
Chevron said on Tuesday it had agreed to sell its stakes in Hess Midstream and DJ Basin crude oil midstream assets as part of a broader restructuring of its Bakken midstream agreements aimed at cutting costs and boosting returns. The transaction would remove Hess Midstream from Chevron’s balance sheet, including about $3.7 billion of the unit’s debt. Chevron expects the deal to close by year-end and to record a one-time after-tax loss of about $3 billion to $4 billion. * The revised [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 again on Monday, hovering at levels not seen since 2023, as soaring global freight prices put pressure on Canadian barrels being re-exported off the US Gulf Coast. WCS for November delivery in Hardisty, Alberta, settled at $24.95 a barrel below the US benchmark WTI, according to brokerage CalRock, compared with $24.80 on Monday. The discount remains more than $10 wider [Read more]
Trump says he is thinking about suspending federal gas tax
President Donald Trump said on Tuesday he was thinking about suspending the federal gas tax as high gas and diesel prices pose a risk to his Republican Party heading into the November midterm US elections. DETAILS AND QUOTES: * "We're thinking about that," Trump said when asked if the federal gas tax should be suspended, without providing more details. * Trump has also previously expressed support for suspending the US gas tax in recent months. * Trump's comments came a day after he [Read more]
High gas prices could make US LNG uncompetitive, says Fulcrum LNG chief
Liquefied natural gas projects in the US could become uncompetitive if domestic natural gas prices continue rising, the CEO of developer Fulcrum LNG, Jesus Bronchalo, said on Tuesday. Speaking at a panel discussion at Rice University's Baker Institute, Bronchalo said natural gas prices are likely to increase more in the US, already one of the most expensive places in the world to produce LNG. "Henry Hub is going to get to the point where it becomes too expensive or you are not going to be [Read more]
The world has nearly burned through its oil stockpile buffer, executives say
The amount of oil in storage that is accessible to the global market is running low, industry executives said at a forum in London this week, making the market more fragile and putting upward pressure on prices. Governments and energy companies have drawn oil from stockpiles to alleviate pressure in a global oil market facing unprecedented supply disruptions this year due to the wars in the Middle East and Ukraine. "Less than 6 billion barrels of commercial inventories remain today, with [Read more]
US power use to beat record highs in 2026 and 2027 as AI use surges, EIA says
US power consumption will rise to record highs in 2026 and 2027, driven by AI-hungry data centers and electrification, the US Energy Information Administration said in its Short-Term Energy Outlook (STEO) on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,288 billion kWh in 2026 and 4,356 billion kWh in 2027. Demand is surging largely due to data centers dedicated to artificial intelligence and cryptocurrency. Homes and [Read more]
EIA expects a mixed picture for US households winter fuel costs this year
US homes that primarily heat with natural gas or propane — about half of households — will spend less on energy this winter than last, the Energy Information Administration said in its winter fuels outlook report on Tuesday. But households that use heating oil, about 3% of US homes mostly in the US Northeast, are expected to pay about 21% more than last winter, the EIA said. The EIA is forecasting a 30% increase in heating oil prices, which would be offset by milder Northeast weather. It [Read more]
US EIA hikes oil price forecasts again as Iran war drains global stockpile
The US Energy Information Administration raised its oil price forecast for this year and next year on Tuesday, as global stockpiles fall rapidly and diesel markets remain tight due to the ongoing Iran war. Global benchmark Brent crude is now expected to average about $98 a barrel in 2026, up 8% from the EIA's previous forecast, the agency said in its Short-Term Energy Outlook. Oil and fuel prices have risen dramatically due to the US-Israeli war on Iran, which in turn has disrupted oil [Read more]
Emera bulks up for power demand boom with $10 billion Canadian Utilities deal
Emera said on Tuesday it would buy peer Canadian Utilities for C$14.3 billion ($10.02 billion) in stock, strengthening its financial muscle as power companies ramp up investments to tap into booming demand. The deal, which will create one of Canada's top power providers with an enterprise value of about C$72 billion, comes when utilities across North America move ahead with costly upgrades of aging grid and transmission infrastructure. "As demand rises from electrification trends and major [Read more]
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