Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 5.1 million barrels to 311.4 million barrels last week, the lowest level since March 1983, 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. Since the U.S.-Israeli war on Iran began at the end of February, SPR inventories have fallen by 104.04 million barrels as of July 17. Overall U.S. inventories, including commercial and [Read more]

Yemen's Iran-aligned Houthis will impose a maritime blockade on Saudi Arabia, they said on Monday, further throttling a global energy market already greatly restricted by Iran's closure of the Strait of Hormuz. This is why it matters and what it means for the Iran war and the global energy crisis: HOW BIG IS THE RISK TO GLOBAL ENERGY MARKETS? It is not clear how the Houthis would carry out a maritime blockade of Saudi Arabia, its northern neighbour along the Red Sea coast, or whether it [Read more]

Oil transfers between tankers in waters outside the Strait of Hormuz have slowed following a wave of recent attacks on vessels by Iranian forces, according to satellite analysis and sources. Since the start of the Iran war in late February, ship-to-ship (STS) transfers between tankers have helped enable oil to leave the Gulf despite the threats to commercial vessels sailing through the Strait of Hormuz. Under the practice, tankers using one of two makeshift routes close to either the [Read more]

Yemen's Iran-aligned Houthis on Monday declared a naval blockade against Saudi Arabia effective immediately, their military spokesperson said in a televised speech. The militant group announced "a maritime embargo against the criminal Saudi enemy, based on the equation of 'an eye for an eye' effective immediately upon the issuance of this statement." The Houthis said the blockade was in response to Saudi Arabia's continued "unjust and oppressive siege on our dear people for nearly 12 years, [Read more]

The global oil refining industry is flashing warning signs. The supply chain for the products that fuel the global economy is under growing stress as conflicts in the Middle East and Russia ripple through energy markets. Benchmark crude prices have retreated sharply from the highs of $118 a barrel reached during the height of the Iran war and are now hovering around $85, suggesting many investors believe the threat of an energy crisis has faded. While crude supplies have partially recovered, [Read more]

Magnolia Oil & Gas said on Monday it had agreed to acquire WildFire Energy for about $4.06 billion, including debt, to expand its position in the Giddings field in South Texas. The deal includes about 810,000 net acres in Giddings, more than doubling Magnolia's position there to over 1.25 million net acres, strengthening its position across the Austin Chalk, Eagle Ford and Woodbine formations. The acquisition also includes a sand mine that supplies about 80% of Magnolia's annual sand [Read more]

Congestion on the U.S. electricity grid is becoming an increasingly costly bottleneck, driving up power prices, delaying new generation projects and undermining reliability. Yet the electricity industry's attention remains focused largely on generation, with politicians debating solar panels, natural gas turbines and nuclear reactors while utilities tout billions of dollars of planned investments. PJM Interconnection, the largest U.S. power market that spans 13 states, offers a stark [Read more]

A vessel was struck by an unknown projectile 8 nautical miles (14.8 km) northwest of Oman's Kumzar, overlooking the Strait of Hormuz, the United Kingdom Maritime Trade Operations agency said, adding that the vessel is currently adrift. The crew safely abandoned the vessel and have been recovered by a tug boat, UKMTO said after reporting earlier that the vessel was on fire. The fire has not been extinguished, but no environmental impact was reported, UKMTO said. On Monday morning, Iran's [Read more]