U.S. energy firms this week added rigs for a third week in a row, energy services firm Baker Hughes said in its closely followed report on Thursday. The total oil and gas rig count, an early indicator of future output, rose by 7 to 580 in the week to July 2, its highest since May 2025. Baker Hughes released the rig count report a day earlier than usual due to the U.S. July 4th holiday, which is being recognized on Friday, July 3. Baker Hughes said this week's increase puts the total rig [Read more]
Pembina approves Alberta power project tied to major data center development
Pembina Pipeline said on Thursday it will go ahead with its planned C$4.6 billion ($3.24 billion) Greenlight Electricity Centre in Alberta, a project that will power the development of a major data center for an as-yet-unnamed customer. The Calgary-based pipeline company announced a positive final investment decision on the Greenlight project, a 932-megawatt natural gas-fired power-generation facility to be located in Sturgeon County in central Alberta. Pembina — which is partnering with [Read more]
UBS cuts Brent crude price forecasts on improved Hormuz oil flows
UBS, on Thursday, cut its Brent crude price forecast by $25 for the September quarter to about $80 a barrel, on average, and now expects prices to hold the quarter after, citing the rise in oil flows via the Strait of Hormuz after the recent U.S.-Iran agreement. The bank also lowered its 2027 average Brent crude price forecast by $10 to $75 per barrel. * UBS said since the MoU, oil transits through the Strait have recovered to around 50% of pre-conflict levels, with Iranian crude also [Read more]
Kuwait’s KPC asks some oil pipeline bidders to form consortiums, say sources
Kuwait Petroleum Corporation (KPC) is asking some global funds bidding for a $7 billion stake in its oil pipeline network to recruit other investors to help consolidate the string of firms that lodged bids, three sources familiar with the matter told Reuters. The move will also ensure smaller investors that have relationships with KPC can get involved, the sources with knowledge of the matter said. The sources did not want to be identified publicly as they were not authorised to speak to the [Read more]
Saudi Aramco ramps up exports from Ras Tanura, switches to spot sales, sources say
At least five supertankers carrying a total 10 million barrels of Saudi oil loaded from Ras Tanura have exited the Strait of Hormuz, with Saudi Aramco switching to spot pricing to speed sales in Asia, according to trade sources and shipping data. Saudi Aramco resumed loadings from Ras Tanura, the world's largest oil port, on Friday after a halt of nearly four months. The Saudi national oil company is ramping up loadings and shipments to Asia, adding to a prompt glut that has depressed Brent [Read more]
Oil falls for a third straight day after US, Iran talks conclude in Doha
Oil prices dropped about 1% on Thursday, down for a third consecutive day, after Qatar said Iran and the U.S. had made progress in indirect talks focused on the Strait of Hormuz, which handled one-fifth of global oil supply before the war. The discussions produced "positive progress" on issues related to the memorandum that halted the war in June, a Qatar Foreign Ministry spokesperson said in a post on X. There was, however, no sign that the two sides had made headway towards a lasting [Read more]
US LNG exports to Europe decline as Asia prices surge
For the first time in nearly two years, less than half of U.S. LNG exports last month went to Europe as stronger prices in Asia and record imports by Egypt diverted cargoes, according to preliminary ship-tracking data from LSEG. The shift marks the first time since July 2024 that Europe has not taken the majority of monthly U.S. exports of liquefied natural gas. European buyers, who still need to refill storage ahead of the next winter season, have been waiting for better prices. Asian spot [Read more]
US commercial crude stocks hit 8-yr low, gasoline demand rises ahead of holiday weekend
U.S. crude stocks fell to their lowest last week since 2018 as domestic refinery demand rose, while gasoline inventories also fell ahead of the July 4 holiday weekend, the Energy Information Administration said on Wednesday. Commercial crude inventories fell by 3.8 million barrels to 408.4 million barrels last week, the lowest level since September 2018, compared with analysts' expectations in a Reuters poll for a 4.5 million-barrel draw. Since the Iran war started at the end of February, total [Read more]
Activist investors make bigger push for campaigns in H1, seek more M&A
Activist investors pushed global companies more aggressively in the second quarter to make changes and lifted the overall pace of campaigns in the first half of 2026, Barclays data showed, as their biggest demand was for businesses to sell themselves in a rebounding deal market. Compared with the first half of 2025, activists such as Elliott Investment Management, Jana Partners and Starboard Value, launched 136 global campaigns between January and end-June, a 5% year-over-year increase, [Read more]
Venezuela’s oil exports fell slightly to 1.2 million bpd in June, data says
Venezuela's oil exports fell slightly to 1.2 million barrels per day (bpd) last month from 1.24 million bpd in May as two deadly earthquakes caused minor delays at terminals operated by state-run energy company PDVSA, according to data based in tanker monitoring and company documents. Shipments to the United States rose to 630,000 bpd and exports to India fell to 277,000 bpd. Chevron's exports of Venezuelan crude rose to some 293,000 bpd, while trading firms including Vitol and Trafigura [Read more]
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