Headlines

Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3.7 million barrels to 307.7 million barrels last week, the lowest level since March 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 Editing by Nick Zieminski) [Read more]

CALGARY - A report from TD Economics says a new oil pipeline to the West Coast would lift Canada and Alberta's gross domestic product, but perhaps not to the degree the provincial and federal governments are forecasting. The government analysis predicts a 0.6 per cent boost to the national economy by the 2040s and 3.5 per cent for Alberta's. The TD report says those numbers "may lean optimistic" as the governments look to advance the project's early-stage development. Using more [Read more]

Yemen's Iran-aligned Houthis said on Monday they targeted a number of sensitive crude oil supply and transport sites linking eastern Saudi Arabia to the critical Red Sea oil export hub of Yanbu. Saudi state oil giant Aramco did not immediately respond to a request for comment. Houthi military spokesperson Yahya Saree said the operation was in response to what he described as Saudi drone incursions into Yemeni airspace. Saudi Arabia has re-routed its crude output to Yanbu via its [Read more]

Saudi Arabia's air defences intercepted and destroyed drones launched from Iraq that attempted to target oil facilities in the kingdom's Eastern Province and Riyadh, the Saudi Defence Ministry said on Monday. The ministry said the drones were launched by Iran-backed armed groups in Iraq. Saudi Arabia's Foreign Ministry condemned the attack against the kingdom, reaffirming its right to respond to the sources of "the aggression" and deter those responsible. The ministry called on the Iraqi [Read more]

One of the debates since the start of the Iran war has been whether crude oil futures are accurately reflecting the stresses in physical markets for both oil and refined products, or if they are blindly optimistic that peace is around the corner. The Iran war between the United States and Iran continues along its volatile and unpredictable path, with renewed hope that a fresh pause in the mutual strikes is possible. That flicker of optimism was enough to lead global benchmark Brent futures [Read more]

Expand Energy said on Monday it would buy privately held natural gas marketer Twin Eagle Holdings from Five Point Infrastructure for $1.25 billion to expand its marketing business across North America. With U.S. natural gas demand expected to grow, producers are increasingly expanding into marketing and logistics businesses to improve margins and gain greater control over how gas reaches end-users. Founded in 2010, Twin Eagle is an independent natural gas and power marketer, with operations [Read more]

Ukrainian forces are striking Russia's energy infrastructure in what Kyiv says is an effort to deprive Russia of resources to fund its military. Following is a summary of the attacks — starting with the most recent — and their impact: TYUMEN A Ukrainian drone strike sparked a fire at the Tyumen refinery in western Siberia, more than 2,000 km (1,200 miles) from Ukraine, but the blaze was later extinguished, local Russian authorities said on July 25. The refinery has a nominal capacity of [Read more]