Gasoline at $38 a gallon sold from cramped apartments. Diesel hawked on Instagram by a celebrity model to a reggaeton soundtrack. Six decades after Fidel Castro’s revolution, all of a sudden, capitalist cracks are appearing in Cuba’s communist energy sector. Under Washington’s crippling oil embargo against Cuba, an exception that allows U.S. firms to export fuel to private Cuban businesses has kickstarted a chaotic black market and pried the lid off an energy sector tightly controlled by the [Read more]
Gulf shipping traffic via Strait of Hormuz falls to six vessels
Shipping traffic through the Strait of Hormuz fell to six on Monday, compared with a 10-day average of about 11 vessels, shipping data showed, amid fading hopes of a peace deal between the U.S. and Iran. Four commodity vessels, including two empty oil product tankers, entered the waterway, data from Kpler showed on Tuesday as of 0420 GMT. Two vessels — a small tanker laden with liquefied petroleum gas and another carrying residual fuels — exited the Strait, the data showed. In pre-war days, [Read more]
Oil steadies near one-week highs as US-Iran peace deal hopes dim
Oil prices steadied on Tuesday at more than one-week highs amid fading hopes of a deal between the U.S. and Iran to end their war and reopen the Strait of Hormuz, after President Donald Trump demanded compensation for damage the U.S. has incurred. Brent crude futures fell 10 cents, or 0.11%, to $87.62 a barrel by 0405 GMT, while U.S. West Texas Intermediate crude futures were down 5 cents, or 0.06%, to $82.08 a barrel. Both benchmarks rose more than 5% on Monday to their highest since July [Read more]
Diesel prices surge on tightening global supply
U.S. and European diesel prices rose sharply on Monday after attacks on refineries in Russia and Saudi Arabia added to supply disruptions, raising concerns for farmers in need of the fuel for the planting season in the Northern Hemisphere and harvesting season in the Southern Hemisphere. The U.S. ultra-low sulfur diesel futures contract rose 7.4% to settle at $4.19 a gallon on Monday, the biggest gains since July 13. European diesel refining margins, measured as the difference between the [Read more]
Trump says the US has swept Strait of Hormuz for mines
President Donald Trump said on Monday that the United States controls the Strait of Hormuz and had swept the strategic oil waterway for Iranian mines. "Look, the only one that has control of the Strait of Hormuz right now is the United States Navy," Trump told reporters in the Oval Office. "We've mine swept the entire strait." (Reporting by Jacob Bogage and Steve Holland; Editing by David Ljunggren) [Read more]
Oil stocks in US Strategic Petroleum Reserve fall by 6.1 million barrels to lowest level since 1983
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 6.1 million barrels to 298.7 million barrels last week, the lowest level since January 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. (Reporting by Arathy Somasekhar in Houston) [Read more]
US natgas prices climb 4% as LNG export flows hit one-month high
U.S. natural gas futures climbed about 4% to a one-week high on Monday as daily flows to liquefied natural gas (LNG) export plants rose to a one-month high. Front-month gas futures for September delivery on the New York Mercantile Exchange (NYMEX) rose 9.5 cents, or 3.6%, to $2.757 per million British thermal units (mmBtu), putting the contract on track for its highest close since August 3. With futures down about 18% over the past seven weeks, speculators last week boosted their net short [Read more]
China is balancing Asia’s crude oil demand by itself: Russell
China is singlehandedly doing the heavy lifting of cutting crude oil demand in Asia to compensate for reduced shipments from the Middle East as a result of the Iran war. The world's biggest oil importer reported arrivals of 8.41 million barrels per day (bpd) in July, up from the near decade low of 7.12 million in June but still 24.3% below July last year. If June and July imports are combined, it gives an average of 7.78 million bpd for the past two months. This is 4.21 million bpd below [Read more]
New ConocoPhillips CEO inherits $7 billion cash flow pledge riding on Alaska oil project
Andy O'Brien will succeed longtime ConocoPhillips CEO Ryan Lance next month and will inherit a major Alaska oil project to complete, costs to control and a share price that has recently lagged peers, analysts and investors said. The largest independent oil exploration and production company in the U.S. announced the succession plan on Thursday alongside its biggest quarterly net income since 2022, lifted by higher crude prices due to the Iran war. O'Brien, currently chief financial officer and a [Read more]
Iran ties Hormuz reopening to US concessions on several demands
Iran said it was nearing a final pact with Oman defining new shipping lanes between them through the Strait of Hormuz but repeated that the U.S. must meet other conditions, including compensation and an end to sanctions and military threats, before the strategic waterway is reopened. The strait, through which about a fifth of global oil and liquefied natural gas flowed prior to the conflict, has been effectively blocked since the U.S.-Israel attacks on Iran on February 28, pushing up oil [Read more]
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