Oil prices climbed more than 1% in early trade on Wednesday as hostilities in the Middle East erupted anew with Iran firing missiles at Kuwait and Bahrain, while diplomatic talks between Iran and the United States showed little progress. Brent futures rose $1.05, or 1.09%, at $97.05 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.01, or 1.08%, to settle at $94.77. Both benchmarks settled at a one-week high in the previous session. Iran launched ballistic missiles toward [Read more]
Chevron applies for Argentina tax break program with $13.8 billion investment plan
Chevron has applied to join Argentina's incentive regime for large investments for a $13.8 billion unconventional oil project in the El Trapial area of Vaca Muerta, the U.S. oil major said on Tuesday, in what would rank among the biggest new bets on the country's shale patch. The filing, which still requires government approval, is the latest sign that global energy companies are positioning for long-term growth in Vaca Muerta, one of the world's biggest shale oil and gas reserves and a [Read more]
US LNG exports fall in May on maintenance, Asia’s take rises
U.S. liquefied natural gas exports fell to 10.2 million metric tons (MT) in May, the lowest level this year excluding February’s shorter month, as seasonal maintenance curbed output, preliminary data from financial firm LSEG showed. The decline was driven by planned outages across several export plants, as operators carried out spring maintenance after delaying work earlier in the year to capture strong demand. Cheniere Energy and some U.S. exporters had postponed maintenance in March to [Read more]
Oil market could be underpricing risks, Vitol’s Bahrain chief says
The oil market is underpricing some risks from the Iran war, global commodity trading house Vitol's managing director for Bahrain, Tom Baker, said on Tuesday. Iran's effective closure of the Strait of Hormuz and attacks on energy infrastructure including oilfields and refineries, have taken about 14 million barrels of Middle East supply offline, causing the largest oil supply crisis in history. "Crude can come back online, but from a product perspective, it might be very hard for the [Read more]
South Korea seeks to boost crude oil and LNG imports from Canada
South Korea aims to boost imports of crude oil and liquefied natural gas (LNG) from Canada, South Korea's Industry Ministry said on Tuesday. South Korea is exploring ways to more than triple imports of crude oil from Canada to up to 16 million barrels this year, making Korea the third-biggest export destination for Canadian crude oil behind the United States and China, the ministry said. South Korea also aims to import 3.4 million metric tons of LNG from Canada. (Reporting by Hyunjoo [Read more]
IEA sees possibility of critically low stockpiles ahead of peak summer demand
Global oil inventories could hit critical levels ahead of the peak summer demand period if stock draws continue at their current pace, the head of the International Energy Agency's oil industry and markets division said on Tuesday. "We're seeing stock draws continuing into the summer, and with the possibility or the likelihood that we reach critical levels or historical low levels just ahead of the peak summer demand," said Toril Bosoni. It could take six to eight months in the best-case [Read more]
ADNOC trading chief flags August as tipping point for oil prices
August could mark a tipping point for much higher oil prices if demand rises and the Iran war supply crisis persists, an Abu Dhabi state oil company executive said on Tuesday, adding it could take a year for supply chains to recover even after flows normalise. Transit through the Strait of Hormuz will remain partial and below pre-war levels as long as uncertainty over peace persists, Philippe Khoury, ADNOC's executive vice president for sales and trading, told the Middle East Petroleum and [Read more]
Oil slips after Trump says talks with Iran are ongoing
Oil prices trended lower on Tuesday following the previous session's sharp gains as the market remained cautious about progress in U.S.-Iran peace talks. U.S. President Donald Trump said on Monday talks with Iran were ongoing, while Tasnim news agency reported earlier that Tehran had suspended indirect negotiations with Washington. Brent crude futures lost 75 cents, or 0.79%, to $94.23 a barrel at 0434 GMT, while U.S. West Texas Intermediate fell 85 cents, or 0.92%, to $91.31 a [Read more]
Asia’s imports of US crude surge, but can’t offset Hormuz losses: Russell
A surge of U.S. crude oil is arriving in Asia, but the record volumes are nowhere near enough to offset the loss of cargoes from the effective closure of the Strait of Hormuz. Asia's imports of U.S. crude were 63.56 million barrels in May, the most for a single month although at 2.05 million barrels per day (bpd) they were slightly behind the 2.07 million bpd from June 2023, according to data compiled by commodity analysts Kpler. However, more U.S. oil is on the way, with Kpler tracking [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Monday. WCS for July delivery in Hardisty, Alberta settled at minus $12.50 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with minus $15.30 in mid-May. * The WCS differential has been volatile since the start of the Iran conflict and the effective closure of the Strait of Hormuz, which has sharply reduced crude exports from the region and [Read more]
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