The US Treasury Department said on Monday it was alerting foreign financial institutions that continue to do business with Iran or its financial sector that they may be sanctioned by Washington without advance notice. DETAILS: * "Foreign financial institutions continuing to transact with sanctioned Iranian financial institutions could be targeted at any time without advance notification and should take immediate action to terminate such activity and relationships," the Treasury Department [Read more]
SpaceX seeks approval for Florida gas pipeline to support Cape Canaveral launches
Elon Musk's SpaceX is seeking approval to build a natural gas pipeline in Florida to supply fuel for its rocket launched from Cape Canaveral, according to a state regulatory filing from September. A SpaceX subsidiary, Coastal Connect Services (CCS), has requested the Florida Public Service Commission to approve a tariff for a new 32.4-mile, 16-inch natural gas transmission pipeline in Brevard County, where Cape Canaveral is located. Here are some details: * This infrastructure is [Read more]
Oil market turmoil could last for years, executives say
Shipping bottlenecks, deep cuts in refinery output and inventory draws that could take years to replace will keep global oil prices high beyond this year, industry executives said at a conference in London on Monday. Following the start of the US-Israeli war on Iran at the end of February, Iran effectively closed the Strait of Hormuz, choking exports through one of the world's most crucial shipping bottlenecks. The impact has been compounded by attacks on oil and gas infrastructure, [Read more]
LNG buyers are paying $25-$28 MMBtu without flinching, PETRONAS says
Customers are paying $25 to $28 per million British thermal units for liquefied natural gas without flinching yet, as the Middle East conflict has disrupted supplies, PETRONAS CEO Tengku Muhammad Taufik said on Monday. If the LNG price hits $40 to $50 per MMBtu, people may start switching to other forms of energy, Muhammad Taufik told reporters on the sidelines of the Energy Intelligence Forum in London. (Reporting by Stephanie Kelly and Shadia Nasralla Editing by Tomasz Janowski) [Read more]
Oil stocks in US strategic petroleum reserve fall to lowest level since 1982
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell to 283 million barrels last week, the lowest level since October 1982, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. Additionally, the Trump administration last week said it is offering to loan energy companies 40 million barrels of oil from the Strategic Petroleum Reserve. (Reporting by Noel John in Bengaluru) [Read more]
Tanker ordered by Iran’s IRGC to turn back in Hormuz or risk being hit, UKMTO says
A tanker transiting the Strait of Hormuz was hailed by Iran's Islamic Revolutionary Guard Corps and instructed to turn back or risk being targeted, United Kingdom Maritime Trade Operations (UKMTO) said on Monday. The tanker complied with the instruction, UKMTO said, adding that the incident occurred 11 nautical miles north of Khasab, Oman. (Reporting by Jana Choukeir; Editing by Joe Bavier) [Read more]
ConocoPhillips sees oil price floor rising to $70 a barrel, chairman says
ConocoPhillips Chairman Ryan Lance said on Monday he expects the oil price floor to rise to around $70 per barrel and sees a mid-cycle price of $65 to $70 per barrel for the US West Texas Intermediate crude benchmark. The global oil system bent, but didn't break, due to this year's Middle East conflict, Lance told the Energy Intelligence Forum in London on Monday. US oil production could exceed 14 million to 14.5 million barrels per day if oil prices remain around current levels, he [Read more]
Oil’s new problem isn’t supply. It’s logistics: Bousso
Middle East crude exports recently climbed to their highest levels since the start of the Iran war as more Gulf producers resume transit through the Strait of Hormuz – despite the continued threat of Iranian attacks. Yet oil prices remain stubbornly elevated, suggesting logistical problems are proving as disruptive as outright supply losses. Crude flows through the embattled waterway reached 14.2 million barrels per day on a seven-day average on Sept. 26, nearly 80% of pre-war levels, [Read more]
Spain’s imports of Venezuelan oil at highest in 20 years
Spain's crude oil imports from Venezuela through August were the highest in two decades following moves by Washington and Caracas to reopen the South American country's oil sector to international investment. * Between January and August, Spain imported 2.32 million metric tons of crude from Venezuela, the highest for this period since the 2.39 million tons imported in 2006, according to data released on Monday by Cores, an arm of Spain's energy and environment ministry. * In August alone, [Read more]
Middle East oil exports top pre-war levels in September, but tanker attacks increase
Middle East oil exports exceeded pre-war levels in September, shipping data from Kpler and Vortexa showed on Monday, as Gulf producers ramped up cargoes despite attacks on vessels crossing the Strait of Hormuz. Merchant ships transiting the key chokepoint face a "heightened and increasingly unpredictable kinetic threat" given the recent sharp increase in traffic, Marisks, a shipping intelligence service, said on Saturday. The seven-day moving average for crude exports from the region was [Read more]
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