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U.S. Democratic Congressman Ritchie Torres on Tuesday wrote to U.S. market regulators pushing for an investigation into large oil trades placed just hours before the announcement of the U.S.-Iran ceasefire that Reuters first reported last week. Torres, who wrote to regulators last week to push for a probe into lucrative recent trading activity on oil markets back in March, on Tuesday urged Securities and Exchange Commission Chairman Paul Atkins and Commodity Futures Trading Commission Chairman [Read more]

TORONTO - The head of Scotiabank says conflict in the Middle East could help boost demand for Canada's energy exports. Speaking at the bank's annual meeting, chief executive Scott Thomson says the conflict has served as a reminder how resources can be used as geopolitical tools and the importance of secure supplies. He says Canada is uniquely positioned as a reliable alternative source, putting a premium on the country's resources. Thomson also says that free trade in North America is [Read more]

The U.S. blockade of Iranian ports involves more than 10,000 military personnel, more than a dozen warships and dozens of aircraft, U.S. Central Command said on Tuesday. "During the first 24 hours, no ships made it past the U.S. blockade and 6 merchant vessels complied with direction from U.S. forces to turn around to re-enter an Iranian port on the Gulf of Oman," the command said in a statement a day after the blockade announced by U.S. President Donald Trump took effect. "The blockade is [Read more]

Today's high oil prices do not reflect the gravity of the threat to global energy markets from the Iran war and could rise much higher if the Strait of Hormuz does not re-open, Fatih Birol, the head of the International Energy Agency, said on Tuesday. "The prices are, in my view, they do not reflect the current situation we are in," Birol told the Semafor World Economy conference in Washington. He said if the Strait of Hormuz is not opened to the free flow of oil and gas the world could see [Read more]

How do you keep track of surplus across one of Canada’s largest energy companies - especially as acquisitions keep adding millions more and teams evolve? This was the challenge as the company began searching for a materials management partner to ensure its capital recovery remained predictable and strong. When the relationship began seven years ago, materials were tracked across the top producer’s warehouses, yards, and field sites - but only partially on an in-house built system.  The [Read more]

A plurality of investors expect benchmark Brent oil to trade between $80 and $90 a barrel by the end of this year, according to a BofA survey of fund managers published on Tuesday, down from its current level just under $100. Investor sentiment was also at its most bearish in 10 months, but few are outright expecting a recession, according to BofA's April 2-9 survey of 193 investors with a combined $563 billion assets under management. ** Investor oil forecasts fairly spilt however, 34% [Read more]

The International Energy Agency sharply cut its forecasts for global oil supply and demand growth, saying both are now expected to fall from 2025 levels as war in the Middle East disrupts oil flows and weighs on the global economy. The IEA now sees global oil demand falling by 80,000 barrels per day in 2026, compared with a projected year-on-year rise of 640,000 bpd in its previous monthly report. "Demand destruction will spread as scarcity and higher prices persist," the IEA said, adding [Read more]