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The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed again on Tuesday. WCS for July delivery in Hardisty, Alberta, settled at $11.80 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12 a barrel on Monday. * The WCS differential, which has been volatile with global crude price swings since the start of the U.S.-Iran conflict, has compressed as WTI has come down from recent months' highs, said Al [Read more]

U.S. crude oil inventories fell last week for an eighth consecutive week, according to market sources citing data from the American Petroleum Institute released on Tuesday, while gasoline stocks also declined. Crude stocks fell by 9.12 million barrels in the week ended June 5, the sources said on condition of anonymity. Gasoline inventories fell by 1.19 million barrels, while distillate inventories rose by 1.32 million barrels compared with a week earlier, the sources said. (Reporting [Read more]

HOUSTON, June 09, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) today provided an updated outlook for the combined company following the recent completion of its transformative merger with Coterra Energy. Supplemental guidance tables for the combined entity are included below and a presentation is available on the company’s website at www.devonenergy.com. KEY HIGHLIGHTS Combined Production Outlook: Production is expected to average 1.380 million barrels of oil equivalent per [Read more]

U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, driven by AI-hungry data centers and electrification, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,271 billion kWh in 2026 and 4,397 billion kWh in 2027. Demand is surging in large part because of data centers dedicated to artificial [Read more]

Oil stockpiles in the world's largest economies are headed toward the lowest levels since at least 2003 as inventories are drawn down at a record pace due to the lost output from the Iran war, the U.S. Energy Information Administration said on Tuesday. Total oil inventories in the members of the Organization for Economic Cooperation and Development will fall to just under 2.3 billion barrels by December, the EIA said, based on its current assumption that marine traffic through the Strait of [Read more]

U.S. natural gas supply and demand will both rise to record highs in 2026, the U.S. Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. EIA projected dry gas production will rise from a record 107.7 billion cubic feet per day (bcfd) in 2025 to 111.0 bcfd in 2026 and 113.6 bcfd in 2027. The agency also projected domestic gas consumption will rise from a record 91.9 bcfd in 2025 to 92.1 bcfd in 2026 and 95.0 bcfd in 2027. The June projections for 2026 were [Read more]

President Donald Trump on Tuesday said Iran shot down a U.S. Apache helicopter that was patrolling the Strait of Hormuz overnight and vowed to respond, but gave no other details. "I have just been informed by our Great Military that last night the Iranians shot down one of our highly sophisticated Apache Helicopters while patrolling over the Strait of Hormuz," Trump wrote in a social media post. "Nevertheless, the United States must, of necessity, respond to this attack," he [Read more]

U.S. Energy Secretary Chris Wright said on Tuesday that ship traffic through the Strait of Hormuz is rising "very meaningfully" as the conflict with Iran continues. "I would say rising very meaningfully," Wright said when asked how ship traffic is flowing through the Strait compared to a week or two ago. Wright made the remarks during an Atlantic Council conference and added that it would take many months to get back to normal flows of energy once the war is over. Vessel movements on the [Read more]