U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, driven by AI-hungry data centers and electrification, the Energy Information Administration (EIA) 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 4,269 billion kWh in 2026 and 4,399 billion kWh in 2027. Demand is surging in large part due to data centers dedicated [Read more]
Saudi Arabia slices crude oil prices, but is it enough?: Russell
Saudi Aramco has slashed its crude oil prices for Asia for August-loading cargoes, in a move that appeared to signal intent to regain market share and recover volumes after the Iran war. But even the record cut in the August official selling price (OSP) may not be enough as crude from rival Middle East producers, as well as from exporters in Africa and the Americas, is likely to remain more competitive than Saudi grades. Aramco, the world's biggest oil exporter, set its OSP for its main Arab [Read more]
Big Tech data centers are driving up power bills at America’s Rust Belt factories
For years, electricity costs for the Belden Brick Company in Sugarcreek, Ohio, had been relatively stable. Last year, they surged by 90% — largely because of rising power demand from data centers in the region. The 141-year-old brick manufacturer, whose products can be found in iconic buildings including the Texas Alamo and Notre Dame University, is seeing power bills rise mainly from a monthly capacity charge, which recently jumped from $1,600 a month to $12,000. Belden Brick is among [Read more]
Crew being evacuated from LNG tanker hit near Hormuz, sources say
The crew of a Qatari liquefied natural gas (LNG) tanker were being evacuated after its was hit as it sailed along the Omani side of the Strait of Hormuz and suffered significant damage, three sources said on Tuesday. The vessel, Al Rekayyat, was loaded with LNG and sent out distress signals seeking assistance after it was hit on its port side, another source said earlier on Tuesday. The vessel’s condition was not known at this stage, the three sources said. (Reporting by Jonathan Saul [Read more]
OPEC is likely loser in Gulf’s post-war race for market share: Bousso
The United Arab Emirates has fired the opening shot in what is fast becoming a fierce battle among Middle East oil producers to reclaim market share after the Iran war, a contest that threatens to weaken oil prices and further erode OPEC's authority. Gulf producers, desperate for revenue to replenish state coffers depleted during the four-month-old conflict, are under enormous pressure to sell the millions of barrels accumulated in tankers and storage facilities during the effective closure of [Read more]
Ship hit in Hormuz as millions march for ayatollah; Iran says no talks unless Trump halts threats
A ship was hit in the Strait of Hormuz overnight and Iran said there would be no more peace talks unless Donald Trump halted his repeated threats to restart the war, as millions of Iranians vowed vengeance at funeral processions for their slain leader. Britain's UKMTO maritime security agency reported a tanker was struck by a projectile that caused a fire 8 nautical miles (14 km) off the coast of Oman, the first reported incident in the Strait of Hormuz since mourning ceremonies began last [Read more]
Shell raises guidance slightly for Q2 integrated gas production
Shell raised its guidance slightly on Tuesday for its integrated gas production in the April-June quarter, though output is expected to be sharply lower than in the first quarter because of effects from the Middle East conflict. Trading results at Shell's chemicals and products unit, which includes the group's big oil trading desk, are expected to be in line with the previous quarter's strong performance, the group said in a quarterly trading update. Shell guided for its integrated gas output [Read more]
Oil prices gain as focus shifts to supply recovery and demand
Oil prices edged higher on Tuesday, though gains were capped as traders looked beyond easing geopolitical tensions in the Middle East and turned their attention to supply increases and demand prospects. Brent crude futures gained 38 cents, or 0.5%, to $72.37 a barrel, while U.S. West Texas Intermediate crude rose 30 cents, or 0.4%, to $68.85 a barrel as of 0350 GMT, after settling down at around pre-Iran war levels on Monday. "The steps towards recovery in supply have eased the immediate [Read more]
Iran fires missiles at commercial ships in Strait of Hormuz, Axios reports
Iran's Revolutionary Guards fired at least two missiles at commercial ships transiting through the Strait of Hormuz on Monday night, Axios reported, citing two U.S. officials. Two commercial ships suffered significant damage but had no casualties, the report said, citing a U.S. official. U.S. Central Command did not immediately respond to Reuters' request for comment. The United Kingdom Maritime Trade Operations agency (UKMTO) said early on Tuesday that a tanker was hit by an unknown [Read more]
Global LNG trade hit record in 2025, but Middle East conflict clouds outlook, IGU says
Global liquefied natural gas trade hit a record last year as strong U.S. exports and rising European imports offset weaker Asian purchases, the International Gas Union said in a report on Wednesday. Conflict in the Middle East could lead to a contraction in 2026, however, it warned. "The conflict in the Gulf has damaged LNG infrastructure, clouded the outlook for the region's expansion projects, and exposed Asian buyers to flow uncertainty and higher prices," IGU President Andrea Stegher [Read more]
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