Oil prices steadied in thin trading on Wednesday after falling in the previous session on concerns that new U.S. tariffs, set to be unveiled at 2000 GMT, may deepen a global trade war that could limit crude demand. Brent futures gained 1 cent to $74.50 a barrel by 0346 GMT after slipping 0.4% on Tuesday. U.S. West Texas Intermediate crude futures rose 3 cents to $71.23 after dropping 0.4%. Prices settled at their highest in five weeks on Monday. The White House confirmed on Tuesday that [Read more]
Discount on Western Canada Select heavy crude narrows
The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) narrowed on Tuesday. * WCS for May delivery in Hardisty, Alberta, settled at $9.80 a barrel under WTI, according to brokerage CalRock, after having settled at $10.15 under the U.S. benchmark on Monday. * The differential between Canadian heavy crude and WTI is the tightest it has been since 2020, said Rory Johnston, energy analyst and founder of the Commodity [Read more]
US to axe Biden-era 7-year deadline on exports from new LNG projects
The U.S. is slated on Wednesday to rescind a policy issued by the administration of former President Joe Biden that requires liquefied natural gas, or LNG, projects to export within seven years of receiving regulatory approval. The LNG industry had pushed the administration of President Donald Trump to rescind the policy statement issued in April 2023 on Department of Energy approvals for exports to big markets in Europe and Asia because several projects require more than seven years to [Read more]
Venezuela’s oil exports fall 11.5% over US tariffs and sanctions, shipping data say
Venezuela's exports of crude oil and fuel fell 11.5% in March as Washington's imposition of secondary tariffs and the cancellation of key licenses to operate in the U.S.-sanctioned energy sector led to delays and cargo suspensions, according to ship tracking data and documents. U.S. President Donald Trump's administration last week announced a 25% tariff to buyers of Venezuelan crude and gas, which will begin this week, and notified foreign partners of state-run oil company PDVSA it would [Read more]
Oil markets take risky bet on Trump’s threats on Russia, Iran: Bousso
(The opinions expressed here are those of the author, a columnist for Reuters) *Trump threatens secondary tariffs on Russia, Iran oil exports *Tariffs on Venezuela have been effective *Market struggles to price in Trump's threats By Ron Bousso LONDON, April 1 - Oil diplomacy could become a hallmark of Donald Trump's second term in office, if the last few weeks are any guide, but energy markets have mostly shrugged off his recent whirlwind of threats against Iran and Russia. That [Read more]
US LNG exports soar in March on ramp up of Plaquemines plant
The U.S. exported a record amount of liquefied natural gas (LNG) in March, selling more than 9 million metric tons (MT) of the superchilled gas, according to preliminary data from LSEG. The U.S. is already the world's largest exporter of LNG and President Donald Trump has promised to unleash American energy by declaring an energy emergency. Growth in LNG exports is part of that strategy. In March the U.S. exported 9.3 MT of LNG, smashing the December 2023 record of 8.6 MT, as production [Read more]
As Trump threatens secondary sanctions on Russia, Kremlin says it is continuing to talk to US
The Kremlin said on Tuesday that Russia was continuing its dialogue with the United States amid threats by President Donald Trump to levy secondary sanctions on Russian oil if Moscow does not work to end the war in Ukraine. Trump, who said this week he was "pissed off" with Russian President Vladimir Putin, told reporters on Monday he wanted to see the Kremlin leader make a deal to stop the full-scale conflict, now in its fourth year. "I want to see him make a deal so that we stop Russian [Read more]
Russian order slashes Kazakh oil export capacity amid OPEC+ row
Russia has ordered the Black Sea terminal handling Kazakhstan's oil exports pumped by U.S. majors Chevron and Exxon Mobil to close two of its three moorings amid a standoff between Kazakhstan and OPEC+ over excess production. The operator of the Caspian Pipeline Consortium (CPC), which exports around 1% of global oil supply via the Russian terminal, said late on Monday that the two moorings were halted following snap inspections by Russia's transport watchdog. The stoppage could more than [Read more]
Japan’s Tokyo Gas expands in US shale gas with Chevron deal
TG Natural Resources LLC (TGNR), co-owned by Tokyo Gas and Castleton Commodities International, has bought a 70% stake in east Texas gas assets from Chevron for $525 million, the company said on Tuesday, as it expands its U.S. gas business. TGNR is already the fourth biggest producer in the Haynesville shale basin and the deal would allow it to reap synergies of over $170 million during the asset's development, Craig Jarchow, the company's chief executive, said in a [Read more]
Oil extends climb on supply fears, trade war concerns cap gains
Oil prices inched higher on Tuesday after threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains. Brent futures rose 16 cents, or 0.2%, to $74.93 a barrel at 0330 GMT, while U.S. West Texas Intermediate crude futures climbed 13 cents, or 0.2%, to $71.61. The contracts settled at five-week highs a day earlier. "Near-term risks are skewed to the upside, with U.S. [Read more]
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