The International Energy Agency expects a huge amount of liquefied natural gas to reach the market in the next five years, which will put downward pressure on LNG prices, IEA chief Fatih Birol told reporters. "We expect in the next five years a huge amount of LNG wave, about 300 BCM of new LNG coming," he said after a meeting with European Commission President Ursula von der Leyen and commissioners. "This would mean there will be a downward pressure for the prices and most importantly 75% [Read more]
Trump officials ruling out Treasury oil futures trades for now, Bloomberg News reports
The Trump administration is ruling out deploying the Treasury Department to trade oil futures for now, Bloomberg News reported on Friday, citing a person familiar with the matter. Officials discussed getting the Treasury Department involved, but believe its ability to meaningfully affect the market is limited, the report said. Global oil prices have jumped since the war with Iran started on Saturday, as the spreading conflict disrupts Middle East supplies. However, prices fell on Thursday [Read more]
Frontera Energy says Parex offer superior proposal to previous Geopark bid
Toronto-listed Frontera Energy Corporation said in a statement late on Thursday that its board, in consultation with legal counsel and independent financial advisors, has determined the binding offer received from Parex Resources Inc. to acquire its Colombian upstream operations is superior proposal to another bid previously received from Geopark. Calgary-based Parex's offer would see it acquire the same assets as Geopark in a $500 million cash deal, the Frontera statement said, including the [Read more]
Take Five: The fog of war
The U.S. and Israel's widening conflict with Iran will remain front and centre for the world's financial markets next week. Not only is the war itself driving sharp moves in oil, gas and global shipping prices, but normally crucial indicators - including Wednesday and Friday's U.S. inflation releases compiled before hostilities erupted - risk being overshadowed. Away from the Middle East, China will remain busy with its "Two Meetings" sessions, while in Latin America, Colombia holds [Read more]
More LNG tankers divert as Asian buyers seek cargoes
More tankers carrying liquefied natural gas are diverting towards Asia as buyers scramble for replacement cargoes after the Middle East war halted tanker traffic through the Strait of Hormuz and disrupted supplies from Qatar, the world's second-largest seller of the fuel. Shiptracking data by analytics firms Kpler and LSEG show three LNG tankers diverting towards Asia so far. Carrying U.S. cargoes from the Plaquemines and Corpus Christi LNG terminals, respectively, the Simsimah and Clean [Read more]
Saudi Aramco boosts Red Sea oil shipments as Hormuz disruption curbs exports
Top oil exporter Saudi Arabia is increasing shipments from the Red Sea, but the volumes are far from enough to offset the drop from the crisis-hit Strait of Hormuz, shipping data showed. Saudi Arabia and other Gulf producers - the United Arab Emirates, Kuwait and Iraq - have halted Hormuz shipments since Saturday after the United States and Israel attacked Iran and Tehran retaliated with drone and missile strikes. With hundreds of vessels now stuck near the strait, Aramco has told some [Read more]
BP Chair Manifold trims board, former Shell CFO to exit
BP Chairman Albert Manifold on Friday announced plans for a slimmer board as part of the British oil major's reset strategy, with former Shell chief financial officer Simon Henry among those departing. The leaner board is another of Manifold's changes since coming on as chairman in October. Since then, Murray Auchincloss abruptly departed as CEO in December, with Woodside Energy's Meg O'Neill set to take over the top role starting in April. O'Neill is BP's first external hire for the post [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 Thursday. WCS for April delivery in Hardisty, Alberta, settled at $12.20 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.45 on Wednesday. * The discount on heavy Canadian crude has narrowed by approximately $1.50 since the U.S.-Israel war on Iran began. * With the Strait of Hormuz closed, there is a supply shortage of heavy and [Read more]
South Bow moves to revive parts of Keystone XL with binding shipper commitments
Canadian pipeline operator South Bow said on Thursday it has launched a formal open season seeking binding long-term shipping commitments for a revival of part of the Keystone XL oil pipeline, a move that could boost Canada's crude exports to the United States by more than 12%. The open season, which runs until March 30, would solicit transportation commitments from Hardisty, Alberta, to U.S. delivery points. South Bow will then conduct a 60-day review of the results before deciding on next [Read more]
US weighs oil futures market action to combat rising energy prices – WH official
The U.S. Treasury Department is expected to announce measures as soon as Thursday aimed at combating rising energy prices, including potential action involving the oil futures market, a senior White House official said. The potential move would mark an unusual attempt by Washington to influence energy prices through financial markets, rather than physical oil supplies, as officials race to blunt the political and economic impact of rising fuel costs. Brent crude has jumped to roughly $85 a [Read more]
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