Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3 million barrels last week to 316.5 million barrels, the lowest level since April 1983, according to data from the Department of Energy. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility. Since the U.S.-Israeli war on Iran began at the end of February, SPR inventories have fallen by 98.9 million barrels as of July 10. Overall U.S. inventories, including commercial and SPR [Read more]
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Williams Announces $5.34 Billion Investment in Power Innovation Joint Venture from Blackstone
Transaction led by Blackstone, in partnership with Apollo and KKR TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) announced today that it has signed an agreement led by funds managed by Blackstone Credit & Insurance (“Blackstone”), in partnership with Apollo and insurance vehicles and accounts managed by KKR, to support the development of its five announced behind-the-meter Power Innovation projects: Socrates, Apollo, Aquila, Socrates the Younger, and Neo. The advancement of Williams’ [Read more]
Alberta, Ottawa and oilsands companies reach Pathways agreement
CALGARY - The Alberta government, Ottawa and five major oilsands producers have signed a memorandum of understanding to advance the multibillion-dollar Pathways carbon capture and storage project. The Pathways project is a condition for a new West Coast oilsands pipeline moving ahead. The federal government has committed to extending investment tax credits for various carbon capture equipment to 2035. Alberta says it will finalize its own incentive program for carbon capture. The [Read more]
UN shipping agency opposes fees for any strait, more details sought on Trump post on cargo charge
More details are awaited after U.S. President Donald Trump said in a post that Washington was reinstating a naval blockade on Iran and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz, the U.N.'s shipping agency said on Monday. "We are aware of the post and awaiting more details," a spokesperson with the U.N.'s International Maritime Organization said. "We have always been consistent on our stance on fees – IMO stands firmly against charging fees for passage through [Read more]
MOU agreement a step forward to support growth and advance the proposed Pathways CCS Project
Oil Sands Alliance member companies continuing to collaborate with governments to finalize agreements CALGARY, AB, July 13, 2026 /CNW/ -- A trilateral memorandum of understanding ("MOU") has been entered into by the federal and provincial governments and Oil Sands Alliance member companies to support Canada's ambition to become a global energy superpower. This follows the recent announcement by Alberta that it had submitted an application for a proposed West Coast Oil Pipeline to the [Read more]
Iraq’s prime minister seeks big energy investments on US trip
* Zaidi bets on US companies to bolster energy sector * Iran war dealt major blow to Iraq's economy * Zaidi expected to discuss deals with Trump By Ahmed Rasheed and Muayad Hameed BAGHDAD, July 13 - Iraq's new Prime Minister Ali al-Zaidi aims to secure major U.S. investment in his country's oil, gas, and power sectors during a visit to the White House this week after the Iran war hammered crude output and state finances. Iraq's government is increasingly focused on diversifying [Read more]
Canada’s Greenfire Resources to buy Connacher for about USD $900 million
Greenfire Resources said on Monday that it has agreed to acquire privately held Connacher Oil and Gas Limited for around C$1.27 billion ($900 million) in cash. On a combined basis, Greenfire's 2026 production is expected to rise to about 34,000 barrels per day, with combined reserves of 850 million barrels, with a long-term plan to increase production to about 65,000 barrels per day. * Connacher is a thermal oil sands company with a 100% operated interest in the Great Divide oil sands [Read more]
Trump says the US will control Strait of Hormuz and get paid for it
President Donald Trump said on Monday that the United States would probably take over the Strait of Hormuz and should be reimbursed for controlling the vital waterway. "We're going to keep the strait, and we'll probably run it. We'll become the guardian of the strait. Maybe we'll call it the guardian angel of the strait. And we should be reimbursed for that," he said in a phone interview on Fox News' "Fox & Friends" program. Control of the Strait of Hormuz, a vital route for global oil [Read more]
Asia’s LNG imports recover, drawing cargoes from needy Europe: Russell
Asia's imports of liquefied natural gas (LNG) are poised to hit a six-month high in July while Europe's imports plunge to their lowest in nearly two years. While some of the strength in Asia is because of seasonal demand during the summer peak, the weakness in Europe underscores just how far the second-biggest consuming region is falling behind in building inventories for winter demand. Asia's imports of the super-chilled fuel are estimated at 23.05 million metric tons in July by commodity [Read more]
Greenfire Resources Announces Intention to Conduct Rights Offering
Calgary, Alberta--(Newsfile Corp. - July 13, 2026) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company") today announced its intention to undertake a rights offering of its common shares (the "Rights Offering") in connection with its proposed acquisition of Connacher Oil and Gas Limited (the "Acquisition"). The Company expects to launch the Rights Offering in August 2026 for gross proceeds of at least $575 million, subject to receipt of all necessary approvals and [Read more]
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